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.
The sources said that the transfer process will require transferring all subsidiaries under the umbrella of one law, especially that it includes a large number of subsidiaries, which in turn include other subsidiaries.
On 14 March, the Official Gazette published President Abdel Fattah Al-Sisi’s Decree No. 102 of 2023 to transfer ownership (100%) of the shares of Misr Insurance Holding to TSFE.
The sources pointed out that the company’s inclusion aims to maximize the assets managed by the Fund, in addition to giving it ownership of an entire entity, to become the first full entity owned by the fund.
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.
He also added that the fund is proceeding with plans to offer companies to strategic investors, or through a public offering in EGX, with the aim of increasing the value of investments managed by the fund to attract investments of all kinds to all sectors of the Egyptian economy.
