The Egyptian Exchange (EGX) disclosed that 58.1% of the AIG Egypt Insurance shares targeted by Gulf Insurance Group’s mandatory purchase offer have been tendered. This amounts to 32,608 shares, in response to the offer which concluded last Wednesday.
Gulf Insurance Group had proposed a mandatory offer to acquire 56,031 shares, or 4.669% of AIG Egypt Insurance’s capital, thereby aiming to own 100% of the company.
In February, EGX notified traders of the mandatory offer to buy AIG Egypt Insurance shares at EGP 164.15 each, valuing the transaction at approximately EGP 9.19m. The offer, open for 20 business days, ended this Wednesday.
EGX has stated that the execution of the share purchase on the EGX will occur within five business days following the offer’s expiration. Brokerage firms are required to record all related buy and sell orders in the EGX system during this time, ensuring orders remain open and quantities are reserved.
