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GIG Egypt gets regulatory nod for acquisition of AIG Egypt

Posted On: Apr. 4, 2023 9:54 AM CST

Gulf Insurance Company K.S.C.’s subsidiary GIG Egypt has received approval of the country’s Financial Regulatory Authority to acquire a 95.02% stake in AIG Egypt Insurance Co. S.A.E. for 196.97 million Egyptian pounds ($6.4 million), Middle East Insurance Review reported. After the deal is completed, Gulf Insurance Company plans to merge the two businesses.