Arab Finance: A sub-fund of the Sovereign Fund of Egypt (TSFE) for investment and development has acquired the entire stakes held by Misr Insurance and Misr Life Insurance (MLIC) in MIDBANK, Al Mal reported.
The transfer is the latest step in an ongoing restructuring of ownership across selected assets and investments. It comes as MLIC, a major participant in Egypt’s insurance market, prepares for an initial public offering (IPO) on the Egyptian Exchange (EGX).
The planned offering aims to broaden the insurer’s ownership base and strengthen its capital market presence. It is part of the government’s wider program to increase private sector participation and attract new investors to the EGX.
In June, Misr Insurance approved offering a 20% stake in its subsidiary, Misr Life Insurance Company, through a listing on the EGX.
