Cooperative Insurance Society, Egypt (CIS) targets increasing its capital by EGP 90 million, to reach EGP 120 million.
Abdel Monem Bakheet, chairman of CIS, plans to increase its capital through self-finance by increasing shares and through insurance contracts signed with banks. CIS filed a request to Egyptian Financial Supervisory Authority (EFSA) to increase its capital, so that the Society can issue insurance policies.
EFSA asked the Society to restructure the administrative body and reform electronic system.
Bakheet added that the board will hold a meeting with EFSA to negotiate over the possibility for the Society to issue new policies.
Employees at the Society held a protest in last July, asking EFSA to approve the Society’s request to issue policies. As EFSA demanded, elections of board of directors were held.
Abdel Monem Bakheet was elected as a chairman and Ali Shaker and Nazhy Ghalioum were elected as senior members. In addition, Nabil Helmy, Ahmed Fouad, Hassan Kamal, Shaimaa Mohamed, Mohamed El Shafei, Taher Salah El-Din, Alaa Gamal were chose as members of the board.