Egypt’s Misr Insurance Holding signs deal to sell 25% of life arm in IPO

Egyptian state-owned Misr Insurance Holding (MIHC) signed on Thursday an agreement with NI Capital to start the sale of 25 percent of its life business on the stock market.

The company has chosen the state financial institution NI as an advisor for Misr Life Insurance Company’s anticipated initial public offering (IPO) on the Egyptian stock exchange (EGX), MIHC Basel El Hini told Amwal Al Ghad.

“We expect to start implementing the IPO process within next week … We are looking to compete the IPO before the end of the current year according to the market conditions and advisors’ vision,” El Hini said.

Listing Misr Life is part of the government programme to IPO list of state enterprises to boost public finances and draw more investors to the Egyptian bourse.