Misr Insurance Holding ownership transferred to Egypt’s TSFE
Updated 3/15/2023 6:44:00 AM
Arab Finance: The Egyptian President Abdel Fattah El-Sisi issued a decree to transfer ownership of all shares owned by Misr Insurance Holding Company (MIHC) to the Sovereign Fund of Egypt (TSFE), according to an announcement published on the official gazette on March 14th.
Before the decision, MIHC was under the jurisdiction of the Ministry of Public Business Sector.
The decision, signed on March 10th, gives Egypt’s TSFE the right to offer shares of MIHC subsidiaries on the Egyptian Exchange (EGX).
MIHC is among 32 state-owned firms that the government announced to be offered on the EGX, to strategic investors, or a mix of both.
On February 21st, Public Business Sector Minister Mahmoud Esmat told Asharq Business that Misr Life Insurance Company, a subsidiary of MIHC, will be ready for an initial public offering (IPO) before the end of the first half (H1) of 2023.
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