Informed sources told Daily News Egypt that the inclusion of the Misr Insurance Holding Company (MIHC) into the Sovereign Fund of Egypt (TSFE) instead of the Ministry of Business Sector may take over a year, until the required procedures are completed. 102 of 2023 to transfer ownership (100%) of the shares of Misr Insurance Holding to TSFE. The sources confirmed that the plans to offer Misr Insurance and Misr Life Insurance in EGX or a strategic investor will proceed as is. Last March, Ayman Soleiman, CEO of TSFE, said in a statement that IHC is a group of very successful companies and therefore can be developed faster. Transferring its ownership to the Fund is only normal and aims to maximize their value and exploit their assets, and the plan to offer the subsidiaries of Misr Insurance in EGX will proceed normally.

Source: Daily News Egypt May 08, 2023 21:33 UTC