FRA greenlights shareholder offers for Wafa Assurance and Raya Holding on EGX

Cairo – September 29, 2025: The Financial Regulatory Authority (FRA) has authorized two mandatory tender offers (MTOs), allowing Wafa Assurance and Raya Holding to move forward with their acquisition proposals, which are now available for shareholder participation on the Egyptian Exchange (EGX).

Wafa Assurance, listed in Casablanca, secured regulatory clearance to launch its offer for Delta Insurance at LE 40 per share for up to 125 million shares, representing 100 percent of the company. The offer includes a minimum acceptance threshold of 51 percent, valuing the transaction at up to LE 5 billion.

Shareholders have until Monday, 27 October to respond, with settlement due within five working days of the offer’s close. The offer price reflects a premium of roughly 134 percent over Delta’s six-month average closing price of LE 17.07, according to FRA filings.

Egypt Kuwait Holding (EKH), which owns 63.4 percent of Delta, has not yet announced whether it will tender its shares, stating that its board is reviewing an independent fair value study and an auditor’s report in line with EGX listing regulations.

Wafa has indicated plans to delist Delta Insurance and to merge Delta Life with its own life insurance business following the acquisition. EFG Hermes is acting as broker and financial advisor to EKH, with legal counsel provided by Sharkawy & Sarhan and A&O Sherman Morocco. Additional financial advisory services are being provided by Attijari Conseil and Forvis Mazars, covering both Egypt and Morocco.

In a separate move, Raya Holding has launched its MTO for Raya Customer Experience (Raya CX) after receiving FRA approval.

The offer, which runs through Sunday, 26 October, is priced at LE 7.50 per share—the top of the stated price range—valuing the transaction at approximately LE 330 million and the company as a whole at around LE 1.54 billion. Raya is seeking to increase its stake in the outsourcing arm from 60.8 percent to 90 percent.

Al Ahly Pharos is acting as broker on the transaction, with Zaki Hashem & Partners serving as legal advisor and Zilla Capital as transaction advisor.