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Article: AIG takes control of Pharaonic Insurance.
- Article from:
- MEED Middle East Economic Digest
- Article date:
- November 17, 2000
CopyrightCOPYRIGHT 2000 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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American Insurance Group (AIG) of the US has acquired a 90 per cent stake in the local privately-owned Pharaonic Insurance Company, and has thereby become the largest international player in the domestic general insurance market.
The transaction was carried out through the stock exchange in early November, and entailed the purchase of 53,960 shares at [pound]E 1,280 ($340) a share, making the deal worth about $18.4 million.
Frank Wisner, a former US ambassador to Cairo and now a senior vice-president at AIG, says AIG is aiming to bring new products to the general insurance market following the acquisition. "I believe Egypt is ready for a major ...