58.1% of targeted AIG Insurance shares accept Gulf Group’s offer

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We are American International Group, Inc, (AIG), a leading global insurance organization providing a wide range of property casualty insurance and other financial services. Offer world-class products and expertise to businesses and individuals in approximately 70 countries and jurisdictions. And are committed to using our insights and thought leadership to not only manage risks, but to make real positive differences in every community we serve. AIG is the marketing name for the worldwide property-casualty and general insurance operations of American International Group, Inc. All products and services are written about or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guarantee funds, and insureds are therefore not protected by such funds.

The Egyptian Exchange (EGX) disclosed that 58.1% of the AIG Egypt Insurance shares targeted by Gulf Insurance Group’s mandatory purchase offer have been tendered. This amounts to 32,608 shares, in response to the offer which concluded last Wednesday.

Gulf Insurance Group had proposed a mandatory offer to acquire 56,031 shares, or 4.669% of AIG Egypt Insurance’s capital, thereby aiming to own 100% of the company.

In February, EGX notified traders of the mandatory offer to buy AIG Egypt Insurance shares at EGP 164.15 each, valuing the transaction at approximately EGP 9.19m. The offer, open for 20 business days, ended this Wednesday.

After the offer expires, EGX has promised that the share purchase would be executed on the EGX within five business days. Brokerage firms must ensure that orders stay open and amounts are reserved throughout this period by entering any pertinent buy and sell orders into the EGX system.

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