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Cairo – Mubasher: EFG Hermes announced that its subsidiary EFG Hermes Finance Holding and Ghabbour Auto’s (GB Auto) subsidiary GB Capital signed a definitive sale and purchase agreement (SPA) to acquire 75% of Tokio Marine Egypt Family Takaful.
Under the EGP 84.75 million deal, EFG Hermes Finance and GB Capital will each hold a 37.5% stake in the company, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The transaction is still pending regulatory approval, the statement showed.
It is noteworthy that Tokio Marine Egypt Family Takaful is owned by Japan’s largest general insurer Tokio Marine Group.
“The partnership will see EFG Hermes Finance and GB Auto work together with Tokio Marine Group to develop and enhance Takio Marine Egypt Family Takaful’s life insurance offering.”
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