Arab Finance: Egypt Kuwait Holding (EKH) has finalized the sale of its 63.39% stake in Delta Insurance Company to Al Wafa Insurance Company, as per a disclosure.

The transaction was executed on October 30th at a total value of EGP 3.169 billion, equivalent to approximately $67 million, based on a tender offer price of EGP 40 per share.

This followed the board of directors' approval of the sale, in line with the mandatory tender offer (MTO) submitted by Al Wafa Insurance.

EKH recorded a profit of around $46 million from the transaction in its standalone financial statements and about $3 million in its consolidated financial statements.

The deal was carried out in accordance with the Financial Regulatory Authority (FRA) and the Egyptian Exchange's (EGX) listing and delisting regulations.

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