Insurance companies are competing in a bid to insure the Egyptian Holding Company for Silos and Storage (EHCSS), said Walid Sayed Moustafa, deputy general manager of fire and non-life insurance sector at Arab Misr Insurance Group (AMIG).
The insurance policy covers three wheat silos owned by EHCSS against risks of fire and burglary and additional risks with value of EGP 92 million; EGP 38 million for two silos and EGP 54 million for the third silo, he noted.
AMIG and Misr Insurance Company are the most prominent companies competing in the bid, he added.
The Egyptian Holding Company for Silos and Storage’s board of directors approved a note that will be submitted to the next general assembly meeting concerning adding EGP 6.613 million to equity and reducing accounts payable by the same value.
The company’s issued capital reached EGP 100 million divided over 10 million shares with nominal value of EGP 10 per share and EGP 21.2 per share at EGX.