El-Ganzouri approves Mohandes Insurance Co.’s buyout of 99.9% of life insurance Co.

By Sherine Taha and Islam Abdel Hameed

Dr. Kamal El-Ganzouri approved Mohandes Insurance Company’s buyout of 99.9% of life insurance Company.

Mohamed Baraka, chairman of Mohandes Insurance Company, said that he applied a request for the Cabinet from 10 days to have an approval for the buying out of 99.9% of Mohandes Life Insurance Company, noting that his company does not aim at increasing the capital after approving the splitting proceedings.

The rest ratio of the Mohandes Life Insurance Company, 0.01%, will be divided between Suez Canal Authority Fund and Engineering syndicate Takaful fund.

Mohandes General and Property Insurance’s ownership structure is divided to engineers’ pension and subsidies fund with 26%, Suez Canal Bank with 10%, Suez Canal Authority Fund with 7%, Commercial International Investment Co. with 6%, and the Arab Investment Company with 12% and the National Bank of Egypt with 10%.

Mohandes Insurance Co. registered a 54% retreat in its net profits in the first half of the current fiscal year, to reach EGP 6.211 million, compared with EGP 13.523 million for the same period in the former year.

It is worth mentioning that the company’s issued capital is EGP 75 million, divided into 7.5 million shares, with EGP 10 nominal value.