Egypt: Misr Takaful to strengthen capital base
Source: Middle East Insurance Review | Dec 2023
Misr Takaful Insurance Property and Liabilities (Misr Takaful), the state-owned general takaful operator in Egypt, plans to increase its paid-up capital to EGP250m ($8.1m) from EGP165m, said Misr Takaful CEO and managing director Ahmed Morsy, according to Al Borsa News.
The increase in capital is planned to be conducted in two phases: the first is worth EGP35m, which started last July, while the second is worth EGP50m starting next July. Mr Morsy said that the company is currently finalising the legal procedures to register the first increase that was approved to bring the capital size to EGP200m. He noted that the two-stage increase in capital is scheduled to be implemented with the support of the company’s shareholders and will be in accordance with their respective ownership shares.
Shareholders of Misr Takaful include Misr Insurance Holding which controls 40% stake, Misr Life Insurance (20%), Misr Real Estate Asset Management (20%) and the remainder of shares is owned by Egypt Investment & Finance Fund and Holding Company for Pharmaceuticals at 10% each.
The increase in capital was made to comply with new minimum capital requirements for insurance companies specified by the new insurance law, which is expected to be approved in near future, he said. M