Misr Insurance Holding Company (MIHC) has appointed Zaki Hashem and Partners as a legal advisor to the initial public offering (IPO) of the holding company’s unit Misr Life Insurance on the Egyptian Exchange (EGX), Hapi Journal reported, citing MIHC’s Chairman Basel El-Hini.

MIHC completed all internal procedures required for the IPO, El-Hini revealed, adding that the company is awaiting approvals from relevant authorities.

It is worth noting that MIHC and its subsidiaries generated a net profit of around EGP 4.4 billion in the fiscal year (FY) 2020/2021, up 5.2% from the year before.

On a similar note, CEO of Misr Life Insurance Ahmed Abdel-Aziz said that the insurer is planning to increase the number of its banking partners to 10 during the current FY.

MIHC is a subsidiary of Egypt’s the Ministry of Public Business Sector. The company’s subsidiaries include Misr Insurance, Al-Chark Insurance, and Misr Life Insurance.