Cairo - Mubasher: EFG Hermes, an EFG Holding company, has been appointed sole global coordinator and sole bookrunner for the initial public offering (IPO) of Misr Life Insurance on the Egyptian Exchange (EGX).
The company will offer 20% of its shares in line with the Egyptian government’s efforts to broaden public ownership, deepen the equity market, and unlock value in leading state-owned enterprises, according to a press release.
The planned IPO also backs the Ministry of Investment and Foreign Trade’s vision to boost private sector participation in the economy and expand the ownership base of public companies through listings on the EGX.
The Sovereign Fund of Egypt (TSFE) invited investment banks to submit their technical and financial proposals to manage the promotion and underwriting for the offering of a stake in Misr Life Insurance, a subsidiary of the Misr Insurance Holding Company.
In April, EFG Hermes concluded its advisory role on an accelerated bookbuild (ABB) secondary share sale in U Consumer Finance (Valu).
