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Sunday, 4 November 2018

Misr Insurance, Misr Life Insurance IPOs postponed, pending restructuring

IPO WATCH- Misr Insurance, Misr Life Insurance IPOs postponed pending restructuring: The IPOs of state-owned Misr Insurance and Misr Life Insurance as part of the state privatization program have been postponed until the two companies undergo restructuring, Public Enterprises Minister Hisham Tawfik said. The timeline for the listings (and their initial valuations) are contingent on their restructuring, which includes focusing on the companies’ sales and marketing performance, as well as developing their tech systems. Misr Life Insurance Chairman Ahmed Abdel Aziz had said in July that the company was working on completing a valuation study and hiring advisers in time to offer 15-30% of the company’s shares in 1Q2019.

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