The company was previously owned by the Ministry of Public Business Sector and is considered as one of the largest companies in the public business sector
State-owned Misr Insurance Holding’s (MIHC) ownership has been transferred to the Sovereign Fund of Egypt (TSFE) by presidential decree.
MIHC’s subsidiaries — Misr Life Ins. and Misr Ins. – are part of Egypt’s privatization plan which includes 32 state-owned companies being prepared for their initial public offering (IPO) on the Egyptian Exchange (EGX) and/or for stake sales to strategic investors.
The company was previously owned by the Ministry of Public Business Sector and is considered as one of the largest companies in the public business sector.
The government announced on Sunday that it had begun the process of listing the army-owned National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum on the EGX today.
Egypt also plans to offer four other state-owned companies through investment banks, Prime Minister Mostafa Madbouly said on Sunday.
According to a report released by the Board of Directors of MIHC, the value of the contributions made by the company and its subsidiaries after the fair value revaluation reached LE 21.06 billion by the end of the fiscal year 2021-2022.