Egyptian investors acquire stake in Tokio Marine Takaful
Tuesday, 12 24 2019, Category: Insurance and Reinsurance, Country: Egypt
EFG Finance Holding, a subsidiary of Egyptian investment bank EFG Hermes, along with GB Capital, a wholly owned subsidiary of GB Auto, have entered into a definitive sale and purchase agreement to acquire a 75% stake in Tokio Marine Egypt Family Takaful.
The deal is worth £4.1 million and is subject to regulatory approvals.
EFG Hermes Finance and GB Capital will each own 37.5% of the company.
Established in 2008, Tokio Marine Egypt Family Takaful has provided individual and corporate clients with a broad suite of Sharia-compliant life insurance products.
The company is a subsidiary of the largest property and casualty insurance group in Japan, Tokio Marine Group.