Amwal Al Ghad has learned from informed sources that the general assembly of Delta Life Insurance Company has approved injecting EGP 200 million as an increase in the company’s paid-up capital.

According to the sources in exclusive statements, the company’s paid-up capital will be increased from EGP 400 million to EGP 600 million in line with its expansion strategy and in compliance with the requirements of the Financial Regulatory Authority (FRA) and the Unified Insurance Law.

It is worth noting that Delta Insurance owns 99.9% of the shares of Delta Life Insurance, while individuals hold 0.1%. Atef El Zaybak serves as the Managing Director of Delta Life Insurance.

Delta Life Insurance is currently awaiting a decision from its parent company, Delta Insurance, regarding acquisition offers it has received. The Board of Directors of Delta Insurance has approved AXA Egypt Investment and Wafa Assurance to begin due diligence procedures to acquire shares of “Delta” and its subsidiary, following prior approval from the FRA to begin due diligence.

AXA Egypt Investment and Wafa Assurance had previously submitted two initial non-binding offers to acquire 100% of the shares of Delta Insurance and its subsidiary at a preliminary purchase price of EGP 5 billion, equivalent to EGP 50 per share.

The acquisition offers submitted to Delta Insurance include acquiring its subsidiary, Delta Life Insurance, of which Delta Insurance owns approximately 99.9%.

The first offer from AXA Egypt Investment expressed interest in submitting a non-binding cash offer to acquire up to 100% of Delta Insurance's shares directly or indirectly, with a minimum of 75% of the company’s shares, at an estimated preliminary purchase price of EGP 5 billion, or EGP 50 per share. This would be done through a mandatory tender offer in accordance with applicable laws and regulations.

Meanwhile, Wafa Assurance’s offer expressed its desire to conduct due diligence and submit a non-binding cash offer to acquire up to 100% of Delta Insurance’s shares directly or indirectly, with a minimum of 51%, at a preliminary estimated purchase price of EGP 5 billion, or EGP 50 per share, also through a mandatory tender offer in line with existing laws and regulations.

The Financial Regulatory Authority had earlier decided to extend the deadline for submitting the mandatory tender offers to acquire shares of Delta Insurance by an additional 60 working days, starting from the expiration of the original deadline on March 4, 2025, in accordance with Chapter 12 of the Executive Regulations of Law No. 95 of 1992.

الدلتا لتأمينات الحياة ترفع رأسمالها المدفوع إلى 600 مليون جنيه