Misr Insurance, Misr Life Insurance to list shares EGX

CAIRO - 21 May 2018: Misr Insurance Company (MIC) and Misr Life Insurance Company (MLIC) will have part of their shares listed on the Egyptian Exchange (EGX).

An agreement to this effect was made at an extraordinary general assembly meeting of the state-run Misr Insurance Holding Co. (MIHC) which was convened under the chairmanship of Public Business Sector Minister Khaled Badawi.

The Public Business Sector Ministry said in a statement on Monday that Badawi said, during the meeting, that the government's initial public offering (IPO) program aims at promoting the Egyptian bourse and luring more foreign investments.

The minister also chaired an ordinary general assembly meeting of MIHC to adopt the budget for the fiscal year 2018/2019, which targets revenues of LE 1.550 billion , with an increase of 36 percent and net profits of LE 1.195 billion, with an increase of 29 percent compared to the budget for the fiscal year 2016/2017.