The Official Gazette in Egypt published President Abdel Fattah al-Sisi’s decision to transfer ownership of 100 percent of the shares of Misr Insurance Holding Company to The Sovereign Fund of Egypt (TSFE).
Informed sources told Al-Masry Al-Youm that the decision comes in the aim of accelerating the procedures of IPOs program on the stock exchange, or for a strategic investor in companies affiliated with Misr Insurance Holding Company.
The IPOs program is also scheduled to put 10 to 15 percent of the shares of Misr Life Insurance company on the stock exchange.
Misr Insurance Holding Company will also be listed on the stock exchange later, according to the sources within the offerings program.
The sources added that the transfer of the entire ownership shares of Misr Insurance Holding Company aims to transfer ownership and subordination to TSFE, instead of the Ministry of Public Business Sector.