EFG-Hermes Holdings SAE subsidiary enters a SPA to acquire 75% stake in Tokio Marine Egypt Family Takaful

  • Dec 23, 2019 GMT
  • Team Kalkine

EFG-Hermes Holdings SAE(LON: EFGD) has announced that its wholly-owned subsidiary, EFG Finance Holding, along with GB Capital, a wholly-owned subsidiary of GB Auto has entered into a definitive sale and purchase agreement (SPA) to acquire 75 per cent stake in insurance player "Tokio Marine Egypt Family Takaful".

  • The insurance company to be acquired is a wholly owned subsidiary of Japan-based Tokio Marine Group.
  • The deal is for a consideration EGP84.75 million and under the agreement, EFG Hermes Finance and GB Capital would each own 37.5 per cent of the company. The deal is subject to regulatory approvals.
  • On 23rd December 2019, at the time of writing, GMT 08:06 AM, EFGD shares were trading at USD 2.10, down by 0.10 points or 4.77% against the previous day closing price.

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