Ganzouri approves Delta Insurance 99.9% buyout of Delta Life Co.
Published Thursday, 08 March 2012 12:32 | Written by Eslam Abdel Hameed
Prime Minister Kamal El-Ganzouri approved Delta Insurance’s buyout of 99.9% of Delta Life Insurance and sent a notice by that to Egyptian Financial Supervisory Authority (EFSA).
El-Sayed El-Gohary, chairman of Delta Insurance, said that the remaining percentage (0.01%) is divided among individual shareholders of Delta Insurance, noting that the Company is waiting EFSA’s license to begin offering life insurance services.
El-Gohary added that there are currently negotiations with a certain bank over offering a new investment fund.
Delta Insurance (General and Porperty)’s ownership structure is divided among Gulf Arab Overseas LTD with 11%, Egyptian Kuwaiti Holding Co. with 21%, Huda Abbas with 10%, Nasser Bank with 7%, Ekuity Holding International Ltd. with 6% and individual shareholders with 46%.