Ganzouri approves Delta Insurance 99.9% buyout of Delta Life Co.

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%.

Noteworthy that Delta Insurance’s issued capital is EGP 90 million, divided on 22.5 million shares, with a nominal value of EGP 4.