Egypt Kuwait Holding ups stake in Delta Ins.
Tuesday, 09 08 2020, Category: Insurance and Reinsurance, Country: Egypt
Egypt Kuwait Holding (EKH), listed on the Egyptian Exchange (EGX) and Boursa Kuwait, raised its stake in Delta Insurance to 61.5% from 56.5%.
The dual-listed company purchased 1.57 million shares in Delta Insurance for EGP 36.22 million, averaging EGP 23 per share, according to a bourse statement on Sunday.
In a separate statement, it is disclosed that Nasser Social Bank’s portfolio sold its entire stake of 3.5%, amounting to 1.04 million shares, in Delta Insurance for EGP 24.15 million, averaging EGP 23 per share.
During fiscal year 2019/2020, Delta Insurance achieved net profits of EGP 183.56 million, compared to EGP 135.79 million a year earlier.