Cairo –Mubasher: Egypt Kuwait Holding’s (EK holding) is expected to complete the acquisition of Delta Insurance at a proposed price of EGP 20 per share in the first quarter of 2018, Reuters reported, citing EK Holding's senior investor relations manager Haitham Abdel Moneim. 

The deal will be financed through the company’s liquidity, Abdel Moneim added.

EK holding’s liquidity stood at about $434 million at the end of September 2017, according to the company’s consolidated financial statement.

The investment company last announced that it has obtained the regulators' approval to acquire a 99% stake in Delta Insurance’s capital.

EK Holding’s capital amounts to $256.11 million distributed over 1.02 billion shares at a par value of $0.25 per share.

EK holding’s stock on Tuesday hit its highest level since November 2014 after the firm obtained the regulators' approval to acquire Delta Insurance.

Delta Insurance’s capital totals EGP 100 million over 25 million shares at a nominal value of EGP 4.

EK holding, the dual-listed firm on Boursa Kuwait and Egyptian Exchange (EGX), previously posted that its profits soared 278% year-on-year in the third quarter of 2017.