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Sunday, 7 July 2019

Misr Insurance, Misr Life Insurance could IPO on Egypt’s bourse by end-2020

IPO WATCH- Misr Insurance, Misr Life Insurance will IPO-ready by the end of 2020: State-owned Misr Insurance and Misr Life Insurance should be ready to IPO as part of the state privatization program by the end of next year, Chairman Basel El Hiny told CNBC Arabia (watch, runtime 1:50). The companies’ IPOs are “not on the fast track,” El Hiny said, adding that the IPOs will not necessarily go to market as soon as the companies are ready. El Hiny did not provide further details on the expected size of the IPOs, saying only that the companies would offer up to 30%, as dictated by the government committee managing the privatization program. The IPOs of the two companies had been postponed last year until they undergo restructuring. Misr Life Insurance Chairman Ahmed Abdel Aziz had said last year that the company was working on completing a valuation study and hiring advisers with an eye to offer 15-30% of the company’s shares in 1Q2019.

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