President Abdel Fattah Al-Sisi has decided to transfer the ownership of Misr Insurance Holding to the Sovereign Fund of Egypt (TSFE).
High-ranking sources told Daily News Egypt that the Fund is preparing to include the company in the pre-IPO fund, with the aim of selling a stake to a strategic investor. The shares may be offered to strategic investors in a range between 10-20% as a maximum for selling. The sources added that the sale will not affect the plan to offer Misr Life Insurance on the Egyptian Exchange (EGX).
Misr Insurance Holding Company owns Misr Insurance, Misr Life Insurance, and Misr Asset Management companies.
The sources added that Misr Life Insurance is one of the companies ready to be offered in EGX, and the offering is scheduled to be implemented during the second half of this year.
The sources pointed out that the plan includes offering about 25% of Misr Life Insurance Company, in addition to agreeing to offer a share in Misr Property Insurance Company, which joined the government offering program announced by the Prime Minister.
Egyptian Prime Minister Moustafa Madbouly announced last February that 32 companies will be included in the government offering program until the first quarter of 2024, and it will include three banks: Banque du Caire, the United Bank and the Arab African International Bank, in addition to two companies, Wataniya and Safi, affiliated to the armed forces.
He stressed that 25% of the companies within the proposals program are to be offered within six months, while the program includes 18 economic sectors, with several sectors to be offered for the first time, such as insurance, electricity and energy.