The legislation governing corporate aspects of state-owned Misr Life Insurance Company, Egypt's biggest life insurer, has been changed to the Joint Stock Companies Law from the Public Business Sector Companies Law.
The change was reported in the Official Gazette, according to local media reports.
The move was carried out because Misr Life is to be floated on the stock exchange. The government has been working on the IPO for a number of years.
Misr Life Insurance is one of several state-owned companies on the government’s privatisation list. Shares in these companies, under the government’s plan, will be divested via initial public offers or sold to strategic investors. The IPO programme is to enhance the government’s capacity to meet its financing needs.
Misr Insurance Holding Company (MIHD), the parent company of Misr Life, is planning to list 25% of the shares of the life subsidiary.