Delta Insurance Co. accepted private equity firm Egypt Kuwait Holding Co.'s mandatory purchase offer for 5,843,792 shares in the company for approximately 116.9 million Egyptian pounds, Reuters reported, citing the Egyptian Exchange.
Egypt Kuwait Holding, which owns 32.026% of Delta, initiated the offer in January to buy an additional 66.973% stake in the company for 20 Egyptian pounds per share.
As of March 2, US$1 was equivalent to 17.64 Egyptian pounds.
