Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement.

Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said.

The deal is pending the approval of Egypt's Financial Regulatory Authority, it said.

Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt.

It said the acquisition would expand its operations in a fast-growing market with strong growth potential.

--Reuters--