Banque Misr acquired the share of Misr Property Insurance Company of Misr Holding Company, amounting to 10% in “Misr Exchange” company at the end of last month, to raise its stake in the company to 88.5%.
The company’s ownership structure includes a group of companies and individuals whose percentage is about 11.5%, including the Holding Company for Tourism (EGOTH), Egypt for Life Insurance, the National Authority for Social Insurance, Blom Bank Egypt, and Egypt for Free Markets, along with some individual shareholders, while Misr Insurance Company used to acquire On the largest share of the minority shares, about 10% before the implementation of the operation.
Sources revealed that “Elite Consulting” played the role of the financial advisor for the deal on the part of Misr Property Insurance Company. The exit and the share value were approved after the approval of the Higher Committee for Investment Evaluation of Misr Insurance Holding Company.
This comes after studying the exit of the company from some of its investments, on top of which is its share in the “Wadi for Agricultural Crops” company, which is about 11.5% through the “Elite Consulting” as well.
Elite Consulting plans to be a strategic partner for the public enterprise sector companies in the various development processes that the sector companies are undertaking in all holding companies at the present time.
“Misr Insurance” company owns investments estimated at 30 billion pounds in most different economic sectors, and they are organized according to the investment limits established by the Financial Supervision Authority for insurance companies.
Misr Insurance Company revealed at the end of last April its goals to achieve total premiums of 10 billion pounds during the current fiscal year 2020-2021, compared to 9 billion pounds actually achieved premiums in the last fiscal year 2018-2019, with a growth rate of 11.3%.
It also plans to reach total current resources of 11.5 billion pounds in the budget for the next fiscal year 2020-2021, compared to 9.7 billion pounds, resources achieved by the end of last June, with a growth rate of 17.9%.
The article “Banque Misr” to acquire the share of “Misr for Assurance of Property” in “Misr Exchange” was written in Al-Borsa newspaper.