The Lebanese Delta Insurance Holding Company will finalize the acquisition procedures of Solidarity Family Takaful Egypt before the end of the current fiscal year, said Ahmed Ramadan, managing director of Solidarity.
After the acquisition process is concluded, Solidarity’s paid-up capital will be raised by EGP 20 million to reach EGP 60 million, he added.
As the law bans a sole party from acquiring 100% stake in any insurance company, a small stake in Solidarity will be owned by two members of the Delta Insurance Holding Company, who will be members of the board of directors of Solidarity, he noted.
Solidarity Family Takaful sent the required documents to the Egyptian Financial Supervisory Authority (EFSA) to be submitted afterwards to the Cabinet so as to approve the acquisition deal.
The Solidarity Family Takaful had net premiums of EGP 12.2 million at the end of FY 2010/2011, according to the statistical book issued by EFSA. The Company’s paid-up capital is EGP 40 million and authorized capital is EGP 60 million.
