Cairo – Mubasher: Misr Insurance Co. and Misr Life Insurance are expected to finalise procedures to float their shares on the Egyptian Exchange (EGX) by the end of 2020, chairman of Misr Insurance Holding Co. (MIHC) told CNBC Arabia.
The two state-run companies may offer up to 30% stake as part of the state privatisation programme, Basel El-Hiny added, affirming that the size of the stake will be determined by the committee managing the share-sale programme before the initial public offering (IPO).
The IPO of the two insurers will not necessarily begin upon the completion of the procedures, he noted.
In 2018, the offering was postponed until restructuring the activities of the two companies.
In July 2018, chairman of Misr Life Insurance, Ahmed Abdel Aziz, revealed that the company was planning to offer 15-30% of the company’s shares in the first quarter of 2019.
