Egypt’s newest Misr Life Takaful Insurance: who are the shareholders?
Around150 million Egyptian pounds ($9.4 million) have been raised into Egypt’s newest joint venture Misr Life Takaful Insurance Company.
State-run Misr Insurance Holding (MIHC) signed on Tuesday the joint venture agreement with two of the country’s biggest public lenders; the National Bank of Egypt (NBE) and Banque Misr.
MIHC has a 12 percent stake in the venture, with its subsidiaries Misr Insurance and Misr Life Insurance are both holding a 20 percent stake in the JV respectively.
For the remaining 48 percent stake, the National Bank of Egypt, Banque Misr, and Misr Capital Investments are holding a 24 percent, 14 percent, and 10 percent, respectively.
|Shareholders’ name||Amount of Stake|
|Misr Insurance Holding Company||12 percent|
|Misr Insurance||20 percent|
|Misr Life Insurance||20 percent|
|National Bank of Egypt (NBE)||24 percent|
|Banque Misr||14 percent|
|Misr Capital Investments||10 percent|