Misr Life Insurance gets FRA approval for EGP 1 stock split
· Egyptian market news · MISR
Misr Life Insurance Company has received the Financial Regulatory Authority (FRA)’s approval to amend the nominal value of its stock, according to a bourse disclosure.
The board members called on the extraordinary general meeting (EGM) to consider a proposed stock split that would reduce the nominal value from EGP 10 to EGP 1 per share.
The company’s issued capital will remain unchanged at EGP 5 billion but will be divided into 5 billion shares instead of the current 500 million shares.
The proposed amendment aims to increase the number of issued shares and the company’s free-float ratio on the Egyptian Exchange (EGX), while broadening its investor base and supporting trading activity following its initial public offering (IPO).
In March, the Sovereign Fund of Egypt (TSFE) selected EFG Hermes as the sole global coordinator and bookrunner for Misr Life Insurance’s IPO on EGX.