The Sovereign Fund of Egypt (TSFE) is tapping EFG Hermes, a prominent local investment bank, to oversee the initial public offering of Misr Life Insurance on the Egyptian Stock Exchange.
TFSE aims to divest up to 20% of the state-owned insurance company, with the listing anticipated before the end of the second half of 2026 according to a statement from the Egyptian cabinet.
TSFE received six proposals from both local and international investment banks in response to its request for technical and financial bids for the IPO, which was initiated in March.
Misr Life Insurance, a subsidiary of TSFE, is owned by the Misr Insurance Holding Company and commands an estimated 22% share of life insurance premiums in Egypt.
The planned IPO is in line with the government’s broader strategy to enhance private sector involvement in the economy and to broaden the ownership of public companies through listings on the Egyptian Exchange (EGX).
In a recent development, the Prime Minister’s assistant and CEO of the State-Owned Enterprises Unit disclosed that the government aims to transfer up to 40 state-owned companies listed on the EGX into TSFE’s portfolio by the end of April. Furthermore, reports have surfaced regarding the selection of 10 petroleum companies for potential listing on the stock exchange later this year.
Finance Minister Ahmed Kouchouk indicated that the government plans to utilise proceeds from these public enterprise sales to reduce the national debt-to-GDP ratio to 75% over the next three years.
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