{"id":584601,"date":"2023-04-03T00:00:00","date_gmt":"2023-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/gig-egypt-on-course-to-acquire-95-of-aig-egypt\/"},"modified":"2023-04-03T00:00:00","modified_gmt":"2023-04-03T00:00:00","slug":"gig-egypt-on-course-to-acquire-95-of-aig-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/gig-egypt-on-course-to-acquire-95-of-aig-egypt\/","title":{"rendered":"Gig-Egypt on course to acquire 95% of AIG Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Gig-Egypt could soon be AIG Egypt\u2019s largest shareholder:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gig.com.eg\/\" style=\"\">Gig-Egypt<\/a><\/span><span style=\"\"> is on <\/span><span>course to acquire <\/span><span>at least 95% of<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aig.eg\/en\/business\" style=\"\">AIG Egypt<\/a><\/span><span> after the latter\u2019s largest shareholder agreed to <\/span><span>sell its stake in an upcoming mandatory tender offer (MTO) approved by the Financial Regulatory Authority (FRA) on Thursday. AIG Limited Holding, which owns 95.02% of its Egyptian subsidiary, accepted in December Gig-Egypt\u2019s acquisition offer, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/FRA_Gig-MTO_52.pdf\" style=\"\">a document (pdf)<\/a><\/span><span style=\"font-weight:400;\"> released yesterday by the FRA.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Telling the players apart:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">AIG Egypt is the local subsidiary of US ins. giant AIG<\/span><span>, which is present in around 80 countries. Its Egyptian arm offers only property and travel covers. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2000\/11\/15\/10645.htm\" style=\"\">AIG entered Egypt back in late 2000<\/a><\/span><span>; the company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypttoday.com\/Article\/3\/3409\/AIG-to-reposition-operations-in-Egypt\" style=\"\">cut back its product portfolio here<\/a><\/span><span> in 2017 and has been open to a potential exit since.<\/span><\/li>\n<li><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.gulfinsgroup.com\/Home\" style=\"\">Kuwait-listed Gig<\/a><\/span><span style=\"font-weight:700\"> owns 99% of its Egyptian subsidiary, Gig-Egypt<\/span><span>,<\/span><span style=\"font-weight:400;\"> 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. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MTO approved: <\/span><span>The FRA said it approved Gig-Egypt\u2019s offer to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b93c4d3-f2b6-4086-9118-84669abdbb4c\" style=\"\">acquire 75-100%<\/a><\/span><span> of AIG Egypt on Thursday. Gig-Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/10\/gulf-ins-group-wants-to-acquire-aig-egypt-77530\/\" style=\"\">submitted the takeover<\/a><\/span><span> bid<\/span><span style=\"font-weight:400;\"> last August, offering to acquire the company\u2019s shares at EGP 164.15 apiece. The offer values AIG Egypt at EGP 197 mn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span> The MTO will open once the company publishes an announcement, giving AIG Egypt shareholders a 10-day window to sell their shares. The buyer is set to <\/span><span>merge 99% of AIG Egypt with Gig-Egypt<\/span><span style=\"font-weight:400;\"> if the transaction goes through, the statement reads.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ADVISORS- <\/span><span style=\"font-weight:400;\">Gig-Egypt has appointed Barakat, Maher & Partners in association with Clyde & Co. as legal counsel while Prime Securities is brokering the transaction, the statement reads.  <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FRA has approved Gig-Egypt\u2019s mandatory tender offer<\/p>\n","protected":false},"author":1,"featured_media":584602,"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":[6952,72,2235,181,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aig-egypt","tag-enterpriseam","tag-gig-egypt","tag-insurance","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"f152c301-5fd7-4144-8732-a9aaaa5dca58","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/53.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AIG Egypt\u2019s majority shareholder agrees to sell stake to Gig-Egypt","related_issue":[584596],"teaser":"The FRA has approved Gig-Egypt\u2019s mandatory tender offer","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.02c55aa9-7eea-426a-a5aa-d9ae864e6906.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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We first began writing to you at the end of your workday just a little over two years ago, and we\u2019re honored to continue writing to each of you today.** SO, WHEN DO WE EAT? We\u2019ll be breaking\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/112.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596503,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/aig-badr-city-factory-to-open-by-the-end-of-2019\/","url_meta":{"origin":584601,"position":2},"title":"AIG Badr City factory to open by the end of 2019","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"Arab International Pharmaceuticals Group (AIG) plans to begin operating its new EGP 400 mn antibiotics factory in Badr City by the end of this year, according to local news. AIG had initially planned to inaugurate the factory last year, and had expected to invest EGP 200 mn in the facility.\u2026","rel":"","context":"In &quot;Health + Education&quot;","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601811,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/11\/americana-minority-shareholders-ask-fra-to-file-lawsuit-against-alabbar\/","url_meta":{"origin":584601,"position":3},"title":"Americana minority shareholders ask FRA to file lawsuit against Alabbar","author":"enterpriseam admin","date":"11 March 2019","format":false,"excerpt":"M&A WATCH- Americana\u2019s minority shareholders ask FRA to compel MTO bid by Alabbar: Minority shareholders of Egyptian International Tourism Projects Company (Americana Egypt) are demanding that the Financial Regulatory Authority (FRA) take legal action to compel a company led by Emirati business figure Mohamed Alabbar to make a mandatory tender\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571484,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/13\/fra-green-lights-sika-egypts-mto-for-bitumode\/","url_meta":{"origin":584601,"position":4},"title":"FRA green-lights Sika Egypt\u2019s MTO for Bitumode","author":"enterpriseam admin","date":"13 May 2020","format":false,"excerpt":"M&A WATCH- FRA green-lights Sika Egypt\u2019s MTO for Bitumode: The Financial Regulatory Authority (FRA) has approved a mandatory tender offer submitted by construction chemicals supplier Sika Egypt for up to 100% of Modern Waterproofing (Bitumode), Bitumode said in a regulatory filing (pdf). Sika\u2019s offer, reviewed late last month by the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612503,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/siemens-energy-to-rehabilitate-aswans-hydro-plants-plus-news-from-the-madbouly-government-gig-egypt-delta-steel\/","url_meta":{"origin":584601,"position":5},"title":"Siemens Energy to rehabilitate Aswan\u2019s hydro plants. PLUS: News from the Madbouly government, Gig-Egypt, Delta Steel","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"ASWAN HIGH DAM , HYDRO PLANTS GETTING AN UPGRADE: German firm Siemens Energy will rehabilitate three hydropower plants at the Aswan Hydropower Company \u2014 the High Dam, Aswan I and Aswan II, under an EGP 1.77 bn contract. Siemens Energy will upgrade the power transformers at the plants to extend\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584601"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584601\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584602"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584601"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584601"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}