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Thursday, 17 March 2022

Misr Life IPO could go ahead in October

Misr Life Ins. IPO to go ahead in October? State-owned Misr Ins. Holding (MIH) will float 25% of its life ins. subsidiary on the EGX in October, Public Enterprises Minister Hisham Tawfik told Al Mal. The firm has tapped NI Capital to act as its financial advisor and Zaki Hashem & Partners to provide legal advice and is wrapping up a decision on which investment bank it will hire to quarterback the offering, the newspaper suggests. The company is yet to offer details on the size of the offering.

Remember, though: IPOs are highly dependent on market conditions. There was a lot of optimism circulating about the state privatization program at the start of the year, with Finance Minister Mohamed Maait saying the government could sell shares in up to 10 state-owned firms in 2022. But with global markets facing turmoil due to the war in Ukraine, don’t be surprised if these plans are kicked into the long grass for now.

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