The Egyptian branch of the French company AXA Investment signed a preliminary agreement with two companies owned by the Sawiris family, one company owned by the Bahraini Kanoo family and with the International Finance Corporation (IFC) on Monday to make the signees to become the AXA shareholders
The parties signed the agreement during a meeting between President Abdel Fattah Al-Sisi and French President François Hollande.
CEO of AXA Egypt Hssan Al-Shabrawishi said the company signed agreements with the Nile Holding Investment Company—owned by Onsi Sawiris—and Gemini Holding, a subsidiary of Orascom Telecom, which is also owned by the Sawiris family.
The agreement also included the Yusuf Bin Ahmed Kanoo Group, based in Bahrain, which is among the oldest economic blocs in the Gulf. Nabeel Kanoo signed the agreement on behalf of the Group, according to Al-Shabrawishi.
The International Finance Corporation (IFC), which is a member of the World Bank Group, also signed the agreement. The IFC already has many partnerships with AXA Investment around the world.
The agreements are expected to be finalised by the end of 2016 after the parties determine the final contribution shares.
AXA Investment, which operates in 59 countries, entered Egypt in November 2014 through the establishment of AXA Egypt Investment Company, which currently owns AXA General Insurance, AXA Business Services, and the Commercial International Life Insurance Company (CIL).
AXA Group founded AXA Egypt investments with an initial capital investment of EGP 1bn, and aims to increase its investments in the Egyptian market by EGP 500m over the next three years, according to Al-Shabrawishi.
AXA Egypt Investment will double the capital holdings of CIL, which currently amounts to EGP 90m, so as to reach approximately EGP 200m by June 2016.