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Misr Insurance May Launch IPO Of Life Unit

The first move would be to split up Misr Insurance in line with Law 10

Egypt’s state-owned Misr Insurance may go for an initial public offering of its life unit by July 2010, if conditions permit. The state would keep bulk of the interest – reported Reuters.

Mahmoud Abdallah, Chairman, Insurance Holding Company, said: If the market condition permits and all the requirements have been fulfilled, it could be the end of the fiscal year (2009/10 for an IPO) or the beginning of the new (fiscal) year. We are going through an IPO, when the capital is needed and when the market is ready. Under no circumstances will we have a strategic investor.

He further stated that the first move would be to split up Misr Insurance in line with Law 10, passed last year. The law states that life insurance should be separated from nonlife operations before the end of fiscal 2009/10.