SFE to sell up to 20% of Misr Ins. Holding to strategic investors
SFE wants to offer a slice of Misr Ins. Holding to strategic investors: The Sovereign Fund of Egypt (SFE) plans to offer a 10-20% stake in Misr Ins. Holding (MIH) to strategic investors, sources close to the transaction told Enterprise. The information was first reported by Al Borsa, which cited anonymous sources.
ICYMI- The government earlier this week transferred the company to the SFE, raising the possibility that it could look to offer more of the company to investors than the two subsidiaries — Misr Ins. and Misr Life Ins. — that had already been earmarked for privatization.
The SFE plans to add MIH to its pre-IPO fund, Al Borsa quotes unnamed sources it says have knowledge of the matter as saying. The fund is preparing a number of state-owned enterprises for sales to strategic investors ahead of potential listings on the EGX.
Misr Life Ins. still headed for an IPO: Misr Life Ins. is set to list 25% of its shares on the EGX during 2H 2023, Al Borsa’s sources said, adding that the parent company’s planned stake sale is unlikely to affect long-standing plans of the EGX listing. Asharq Business previously reported that the company would see a stake sale by the end of the current fiscal year in June, without specifying the size of the stake or whether it would be offered privately or publicly on the bourse.