Egypt plans to complete selling shares of Misr Life Insurance on the stock exchange or offering them to strategic investors before the end of the first half of the year, its public enterprise minister said on Tuesday.
Minister Mahmoud Esmat further said that Misr Life is now ready for the IPO process following the completion of some technical reviews.
Earlier in December last year, Misr Insurance Holding (MIHC) signed a cooperation protocol with the Sovereign Fund of Egypt (TSFE) for the sale of 25 percent stake of Misr Life on the stock exchange.
NI Capital has been picked as an advisor for Misr Life’s IPO and Zaki Hashem & Partners has been tapped as a legal counsel.
Earlier this month, Egyptian government revived a stalled programme to sell stakes in state-run banks and companies, including in two military-owned affiliated firms, as part of a plan to revamp the national economy that was battered by the Russian war in Ukraine.
Under the plan, the government will offer for sale stakes in 32 firms in a variety of sectors, ranging between banking, oil, real estate, insurance, and ports. Among those firms are Misr Life Insurance and Misr Insurance.
