By: Heba El-Kordy

Cairo – Mubasher: Egypt Kuwait Holding’s (EK holding) stock hit its highest level since November 2014 after the firm obtained the regulators' approval to acquire Delta Insurance.

EK Holding last announced that it would acquire 99% stake in Delta Insurance’s capital.

By 11:28 am Cairo time, EK Holding’s stock rose 1.18% to 86 cents.

Meanwhile, turnover stood at about $472,700 exchanged through 80,700 shares.

EK Holding’s stock was able to hit record highs over the past period on the back the company’s industry and strategy, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said.

After the acquisition of Delta Insurance, EK Holding’s stock is targeting historic levels, El-Naggar highlighted, pointing out that the stock is moving towards 92 cents to $1.05.

Given that the stock has not broken above $1 since 2013, he noted.

The stock may test $2.5 in the long term, backed by the acquisition of Delta Insurance, he continued.

EK Holding’s capital amounts to $256.11 million distributed over 1.02 billion shares at a par value of $0.25 per share, while Delta Insurance’s capital totals EGP 100 million over 25 million shares at a nominal value of EGP 4.

Translated by: Mai Ezz El-Din