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Misr Insurance to float stake in life unit

Misr Insurance Holding Co. plans to hold an IPO of 15% to 30% stake of its life unit, Misr Life Insurance Co., in 2019, Amwal Al Ghad reported.

The state-owned company is expected to complete the assessment process soon, the news outlet reported, citing Misr Life CEO Ahmed Abdel Aziz.

Misr Insurance voted to list Misr Life and its nonlife insurance unit, Misr Insurance Co., on the Cairo stock exchange in May. The move is part of a government program to hold IPOs of state enterprises in the coming years to bolster public finances and draw more investors to the exchange, Amwal Al Ghad reported.