Misr Life Insurance Company has received the Financial Regulatory Authority (FRA)’s approval to amend the nominal value of its stock.

The Egyptian Exchange’s (EGX) market capitalization has surpassed EGP 4.3 trillion, while average daily trading value has approached a record EGP 10 billion, EGX Executive Chairman Omar Radwan said.

AM Best has affirmed the Financial Strength Rating (FSR) of Misr Life Insurance Company at B++ (Good), with a stable outlook for the ninth consecutive year.

Misr Insurance Holding Company (MIHC) has approved the offering of a 20% stake in its subsidiary, Misr Life Insurance Company, through a listing on the Egyptian Exchange (EGX).

The technical committee, held under the supervision of the Sovereign Fund of Egypt (TSFE), selected EFG Hermes as the sole global coordinator and bookrunner for Misr Life Insurance Company's initial public offering (IPO) on the Egyptian Exchange (EGX).

The Egyptian government will announce the timeframe for the initial public offerings (IPOs) of Banque du Caire and Misr Life Insurance Company on the Egyptian Exchange (EGX) during May and June, Minister of Investment and Foreign Trade Mohamed Farid announced in a meeting with a delegation from HSBC and Bank for International Settlements (BIS).

The Sovereign Fund of Egypt (TSFE) invited investment banks and specialized financial institutions to submit their technical and financial proposals to act as the underwriter for the offering of up to 20% of Misr Life Insurance Company's shares.

Misr Life Insurance was among a list of 32 state-owned companies that the government announced to be offered on the EGX, to strategic investors, or a mix of both.