Presidential decree to transfer ownership of Misr Insurance Holding Company to Sovereign Fund of Egypt

CAIRO – 14 March 2023: The Egyptian President Abdel Fattah El-Sisi issued on Tuesday a presidential decree to transfer ownership of all shares owned by Misr Insurance Holding Company (MIHC) to the Sovereign Fund of Egypt (TSFE).

 

The decree comes after the Prime Minister Mostafa Madbouli announced on 8 February 2023, the floating of 32 governmental companies – including MIHC - whether through a strategic investor or on the EGX- , in order to provide the necessary dollar resources to deal with the current economic crisis.

 

MIHC was established on July 15, 2006 and is considered as one of the largest companies in the public business sector.

 

The company has three subsidiaries: Misr Insurance, Misr Life Insurance and Misr Real Estate Assets.

 

According to a report released by the Board of Directors of MIHC, the value of the contributions made by the company and its subsidiaries after the fair value revaluation reached LE 21.06 billion by the end of the fiscal year 2021-2022.