{"id":656746,"date":"2024-12-09T00:00:00","date_gmt":"2024-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/two-firms-express-interest-in-buying-up-to-100-of-delta-insurances-shares\/"},"modified":"2024-12-09T00:00:00","modified_gmt":"2024-12-09T00:00:00","slug":"two-firms-express-interest-in-buying-up-to-100-of-delta-insurances-shares","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/two-firms-express-interest-in-buying-up-to-100-of-delta-insurances-shares\/","title":{"rendered":"Two firms express interest in buying up to 100% of Delta Insurance\u2019s shares"},"content":{"rendered":"

Good afternoon all you wonderful people, and happy Monday. <\/strong>The presses haven\u2019t slowed down today, with news of a possible Delta Ins. buyout, continued political jockeying in Syria, and a major milestone for the advertising industry all on today\u2019s docket.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Delta Ins. has two new suitors: <\/strong>AXA Egypt and Attijariwafa Bank subsidiary Wafa Assurance have registered their interest in buying up to 100% of Egypt Kuwait Holding Company subsidiary Delta Ins.\u2019s shares through mandatory purchase agreements, with both firms initially valuing Delta\u2019s shares at EGP 50 a pop, according to an EGX statement (pdf)<\/a>. AXA would need to acquire at least 75% of the firm\u2019s shares for the offer to go through, while Wafa Assurance would need to acquire at least 51% of Delta\u2019s shares to execute the offer. Both companies have requested the Financial Regulatory Authority\u2019s approval to conduct due diligence on the firm, while Delta\u2019s board of directors is studying the two offers.<\/p>\n

AND- Naguib Sawiris will be pumping at least USD 150 mn into building \u201cone or two\u201d <\/strong>hotels<\/strong> near the Pyramids and Sphinx International Airport, according to comments covered by Hapi Journal<\/a>.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

It\u2019s another busy day in the int\u2019l press today<\/strong> as the fallout from Bashar Al Assad\u2019s toppling, the ongoing political crisis in Korea, and a looser monetary policy stance in China dominate global headlines.<\/p>\n

US and Israeli strikes on Syria <\/strong>continued<\/a><\/strong> Monday<\/strong> as Israeli forces seized further swathes of Syrian territory along the two countries\u2019 previously demilitarized border. Iranian government sources confirmed<\/a> that Iran is in touch with multiple factions within Syria\u2019s nascent governing structure, with one official telling Reuters that this engagement \u201cis key to stabilizing ties and avoiding further regional tensions.\u201d This comes as the Biden administration seeks to limit<\/a> Iranian influence in the new regime.<\/p>\n

And to the east: <\/strong>The Chinese Communist Party\u2019s politburo has announced<\/a> that it will be changing its monetary policy stance from \u201cprudent\u201d to \u201cmoderately loose\u201d for the first time in 14 years, with the decision coming as the country grapples with deflationary pressures and weak local demand. Meanwhile, South Korean president Yoon Suk Yeol has been slapped<\/a> with a travel ban after narrowly surviving an impeachment vote Saturday.<\/p>\n

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