Egypt’s Misr Insurance Holding board approves IPO for two units

The general assembly of Egyptian state-owned Misr Insurance Holding voted to list its life and non-life insurance units Misr Insurance Company and Misr Life Insurance Company on Cairo stock exchange.

Listing Misr Insurance and Misr Life comes as part of the government programme to IPO list of state enterprises in coming years to boost public finances and draw more investors to the Cairo bourse.

The list includes some companies already traded on the exchange and others that will hold an initial public offering.

The last time state-owned companies were listed on the exchange was in 2005 when shares of Telecom Egypt, the state’s landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated.