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EFG Hermes, GB Auto to acquire stake in Tokio Marine's Egyptian unit

Egypt-based EFG-Hermes Holding SAE and GB Auto SAE will acquire a 75% stake in Tokio Marine Egypt Family Takaful Co., the Egyptian unit of Japan-based Tokio Marine Holdings Inc., for 84.75 million Egyptian pounds.

EFG Hermes through unit EFG Finance Holding and GB Auto through unit GB Capital will own 37.5% of the insurance company each. The acquisition is subject to regulatory approval.

Tokio Marine Egypt Family Takaful was established in 2008 to provide life insurance products.

As of Dec. 20, US$1 was equivalent to 16.05 Egyptian pounds.