{"id":548483,"date":"2022-08-10T04:00:08","date_gmt":"2022-08-10T04:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/"},"modified":"2022-08-10T04:00:08","modified_gmt":"2022-08-10T04:00:08","slug":"gulf-ins-group-wants-to-acquire-aig-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/","title":{"rendered":"Gulf Ins. Group wants to acquire AIG Egypt"},"content":{"rendered":"

<\/a> Kuwaiti insurer wants AIG Egypt:<\/strong> A unit of Kuwait\u2019s largest ins. group has submitted a takeover bid for AIG Egypt<\/a>, the Financial Regulatory Authority (FRA) said in a disclosure (pdf)<\/a> to the EGX yesterday. Gig-Egypt<\/a>, a subsidiary of Gulf Ins. Group (Gig)<\/a>, wants to acquire between 75% and 100% of the company at EGP 164.15 per share, valuing AIG Egypt at some EGP 197 mn by our math. Gig-Egypt would finance the acquisition without the aid of its parent company, Gig-Egypt Managing Director Alaa Elzoheiry told Enterprise.<\/p>\n

What\u2019s next:<\/strong> Gig-Egypt is awaiting permission to move forward from the Financial Regulatory Authority (FRA), which is studying the offer, Elzoheiry said.<\/p>\n

About the firms: <\/strong>The Kuwait-listed parent firm owns 99% of its Egyptian subsidiary, with the remainder held by Suez Canal Bank and Egyptian businesspeople. Gig has been operating in the Egyptian market since 1994 and offers both consumer and commercial ins. services. AIG Egypt is the local subsidiary of US ins. giant AIG, which is present in around 80 countries. Its Egyptian arm only offers property and travel covers. AIG entered Egypt back in late 2000<\/a>; the company cut back its product portfolio here<\/a> in 2017 and has been open to a potential exit since.<\/p>\n

Advisors: <\/strong>Gig-Egypt has appointed Baker McKenzie as its advisor, Deloitte as its financial auditor and Prime Securities as its broker, Elzoheiry told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kuwaiti insurer wants AIG Egypt: A unit of Kuwait\u2019s largest ins. group has submitted a takeover bid for AIG Egypt, the Financial Regulatory Authority (FRA) said in a disclosure (pdf) to the EGX yesterday. Gig-Egypt, a subsidiary of Gulf Ins. Group (Gig), wants to acquire between 75% and 100% of the company at EGP 164.15 […]<\/p>\n","protected":false},"author":1,"featured_media":548484,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,76,2235,2236,181,685,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-gig-egypt","tag-gulf-insurance-group","tag-insurance","tag-kuwait","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"7b93c4d3-f2b6-4086-9118-84669abdbb4c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/200.jpg","photo_position":"above","related_issue":[548475],"teaser":"","voice_url":""},"yoast_head":"\nGulf Ins. Group wants to acquire AIG Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf Ins. Group wants to acquire AIG Egypt\" \/>\n<meta property=\"og:description\" content=\"Kuwaiti insurer wants AIG Egypt: A unit of Kuwait\u2019s largest ins. group has submitted a takeover bid for AIG Egypt, the Financial Regulatory Authority (FRA) said in a disclosure (pdf) to the EGX yesterday. Gig-Egypt, a subsidiary of Gulf Ins. Group (Gig), wants to acquire between 75% and 100% of the company at EGP 164.15 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-10T04:00:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/200.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gulf Ins. 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