Misr Life Ins. won’t be ready for its EGX debut as part of the state privatization program before the end of 2021, Public Enterprises Minister Hisham Tawfik tells Al Mal. The company is set to sell 25% of its shares after the government committee managing the privatization program gave its initial approval at a recent meeting, Tawfik said, according to the report in Al Mal’s print edition. The committee’s final approval for the IPO will depend on the results of feasibility studies and other steps needed to prepare the transaction, which according to the minister will not be complete until the end of the year. Tawfik had recently said the IPO could go to market before the year is out.

Advisors: State-owned investment bank NI Capital is quarterbacking the transaction.

Background: The IPO was originally slated for 2018, but was then postponed to the following year to give the company more time to reorganize ahead of the transaction. The listing was postponed again in 2019, and Chairman Basel El Hiny said that the IPO would go ahead by the end of 2020, but covid-19 pushed the timeline to 2021. This listing gets an Enterprise Realness Rating of 3.