Majority Stake in Egypt’s Takaful Provider TMFT to be sold in a USD 5.4 Million Deal
March 23, 2020 | Updated at March 24, 2020
Email According to the Financial Regulation Authority (FRA), the Council of Ministers’ has approved the sale of a 75% stake in Tokio Marine Egypt Family Takaful Company (TMFT) to two corporate buyers.
Reda Abdel Moaty, Vice Chairman of the FRA stated that the Egyptian law requires Cabinet approval for investments in Egyptian insurance companies exceeding 10% of the issued shares.
In the deal valued at EGP 84.75 million (USD 5.38 million), Hermes Financial Group and GB Capital will own stakes of 37.5% each of TMFT.
According to IslamicMarkets Takaful Monitor, TMFT was established in 2008 as a joint venture and subsequently became a fully owned sub...
