CAIRO: Egypt’s Misr Insurance Holding Company (MIHD) will offer a 25 percent stake in Misr Life Insurance Company on the Egyptian Stock Exchange before the middle of next year, Chairman Basel El Hini told CNBC Arabia.

The selection of the main investment bank to lead the offering is scheduled to be completed within a month, he said.

The proceeds of the IPO will be directed according to the plans and directions of the Egyptian Ministry of Finance, said El Hini.

MIHD’s investment portfolio currently exceeds 65 billion Egyptian pounds ($4.1 billion), he said. The company plans to expand its activities to financial leasing and factoring.

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