GIG Insurance Egypt picks Prime as financial advisor to acquire AIG Egypt

GIG Insurance – Egypt has appointed Egyptian investment bank Prime Holding as a financial advisor in a deal to buy shares of AIG Egypt, sources with knowledge told Amwal Al Ghad on Wednesday.

Deloitte was named as financial auditor for the deal, the sources added.

A day earlier, Financial Regulatory Authority (FRA) announced in a statement that it had received a compulsory purchase offer from GIG Egypt to buy between 75 percent and 100 percent of AIG Egypt at 164.15 Egyptian pounds ($8.56) per share, valuing AIG Egypt at around 197 million pounds.

The company is owned by Kuwait-based Gulf Insurance Group by 99 percent, the Suez Canal Bank by 0.853 percent, and a group of Egyptian businessmen by 0.147 percent. It has been operating in the Egyptian market since 1994 and offers both consumer and commercial insurance services.

AIG Egypt Insurance owned by the American International Group (AIG) Insurance, which is present in around 80 countries. Its Egyptian arm only offers property and travel insurance covers. AIG entered Egypt in late 2000; the company cut back its product portfolio here in 2017 and has been open to a potential exit since then.