Cooperative Insurance Society To Hold General Assembly On Oct.18th

The Cooperative Insurance Society – Egypt plans to hold General Assembly on October 18th to discuss and approve the budget of FY 2011/2012. The initial signs show that the Society posted good results in the last fiscal year, said Abdel Monem Bakheet, chairman of the Society.

The Society is conducting negotiations with Misr Insurance Holding to determine the repayment methods of the loan offered by the Holding Company and the Social Fund for Development (SFD). The Society repaid EGP 80 million of the EGP 120 million loan.

SFD and Misr Insurance Holding have put a plan to restructure the Society and pay its debts through providing it with such loan. The Society is slated to repay EGP 12 million worth of accrued interest by the beginning of 2013.