Egyptian Kuwaiti Holding Approves Sale of Delta Insurance to Morocco’s Wafa Assurance for EGP 5 Billion
October 2025 — The Egyptian Kuwaiti Holding (EKH) has announced that its Board of Directors has approved the sale of the company’s entire 63.39% stake in Delta Insurance Company to Al Wafa Maroc Assurance, in line with the mandatory tender offer submitted by the Moroccan insurer at a price of EGP 40 per share, valuing the transaction at approximately EGP 5 billion.
In a statement to the Egyptian Exchange (EGX), EKH confirmed that the Board has reviewed and approved the independent financial advisor’s report prepared by Graviton Financial Consulting, which assessed Delta Insurance’s fair value at EGP 39.5 per share. The offer price of EGP 40 therefore represents a slight premium over the fair value estimate.
Regulatory Compliance and Valuation Requirements
EKH clarified that the transaction value of its stake in Delta Insurance represents more than 10% of the company’s shareholders’ equity, triggering the requirements of Article 43 of the EGX Listing Rules.
Accordingly, the company submitted a fair value study prepared by a licensed independent financial advisor registered with the Financial Regulatory Authority (FRA), along with the auditor’s report and Board approval, as part of the compliance process prior to executing the sale.
Acquisition Details
The offer from Wafa Assurance aims to acquire 100% of Delta Insurance’s share capital, representing 125 million shares, at a total offer value exceeding EGP 5 billion.
The completion of the transaction is conditional upon at least 51% of shareholders accepting the offer.
The Moroccan insurer’s proposal also includes purchasing the additional 25 million shares recently registered in the commercial registry and soon to be listed on the Egyptian Exchange.
Following the acquisition, Wafa Assurance intends to delist Delta Insurance’s shares from the EGX and has committed to purchasing any remaining shares not tendered in the offer within six months of completion, at the same price of EGP 40 per share.