Offering “Misr Life Insurance” on the Egyptian Stock Exchange in the second half of 2022

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Al-Hani: The company has chosen “BDO” as an external audit office

 

 

Basil El Heni, Chairman and Managing Director of Misr Insurance Holding Company, revealed plans to offer “Misr Life Insurance” on the Egyptian Stock Exchange during the second half of next year.

Al-Hini added to the “Boursa”, that the preparations for the offering process are in full swing, and the company is already ready, and the first steps have begun with the appointment of the external audit office “BDO”.

He pointed out that the company is seeking to choose an international investment bank to manage the listing process on the stock exchange, and is currently studying more than one offer.

Earlier, Al-Hiani revealed that the company had received 6 offers from foreign and local investment banks to take over the offering process.

He referred to the registration of the shares of the Misr Life Insurance Company in Egypt for the clearing, which is an important step for the company.

Al-Hiani stated in previous statements last July, that it is expected that the investment banks’ offers will be decided within two months, stressing that the offering process is not linked to market conditions, but is linked to the company’s internal preparation processes in preparation for the offering, which may need more than 6 months.

Misr Life Insurance is the largest company specialized in Prime Time Zone’s insurance in Egypt and the region, and is the result of merging all life insurance activities of four government companies (Misr, Sharq, Al-Ahlia, and Egyptian Reinsurance), according to the company’s official website.

Hisham Tawfiq, Minister of Business Sector, said earlier that the ministry had submitted to the Ministerial Committee for Government Proposals a proposal to offer between 20 and 25% of the Misr Life Insurance Company on the stock exchange, as part of the proposals plan.

 

 

The article was put up by “Misr Life Insurance” on the Egyptian Stock Exchange, the second half of 2022, and was written in Al Borsa newspaper.