Takaful insurer gets approval for majority stake sale
Egypt’s regulators have approved the sale of 75% of Tokio Marine Egypt Family Takaful Co. for nearly 85 million Egyptian pounds ($5.4 million). Hermes Finance Group and GB Capital will each buy 37.5% of the takaful insurer. Mr Reda Abdel Moaty, FRA vice chairman, said that Cabinet approval is required under the law for investments in Egyptian insurance companies exceeding 10% of the issued shares.
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