The Financial Regulatory Authority (FRA) has revealed that it has obtained the approval of the Council of Ministers for the sale of 75% of Tokio Marine Egypt Family Takaful Company to two entities.
Hermes Financial Group through its subsidiary, Hermes Finance Group, and GB Auto through its subsidiary GB Capital, had signed a final purchase agreement for 75% of the Islamic life insurer.
Under the deal, which is valued at EGP84.75m ($5.38m), Hermes and GB Capital will own a stake of 37.5% each in the family takaful company, according to local media reports.
Mr Reda Abdel Moaty, FRA vice chairman, said that Cabinet approval is required under the law for investments in Egyptian insurance companies exceeding 10% of the issued shares.
Source Business Insurance