Egypt’s bourse approves listing of Misr Life Insurance shares for first time since 1985

The Egyptian Exchange’s (EGX) Listing Committee approved the temporary listing of Misr Life Insurance Company shares on Tuesday, marking the first time an insurance company has joined the bourse since 1985.

According to the EGX statement, the shares will be officially recorded under the Non-Banking Financial Services sector starting 10 March, a move expected to boost investor interest in Egypt’s growing financial services market.

The company’s issued capital stands at 5 billion Egyptian pounds, split into 500 million shares with a nominal value of 10 pounds each, distributed across eight tranches.

Under the temporary listing rules, Misr Life Insurance must complete all listing requirements and finalise its public offering within six months, with potential extensions granted by the Financial Regulatory Authority (FRA) if necessary. Trading will not commence until the FRA approves the start date.

Major shareholders holding 10 per cent or more of the company’s capital are required to retain 51 per cent of their holdings, while the balance must be supplemented by board members, founders, or other shareholders to maintain at least 25 per cent of issued capital for 24 months, excluding bonus shares. The company is also required to comply with FRA regulations on ownership and control of non-banking financial firms, including insurance and reinsurance companies.

Attribution: Amwal Al Ghad English