Shakeup at the board of Misr Insurance ahead of EGX Listing

MOVES- Shakeup at the board of Misr Insurance ahead of EGX Listing: Public Enterprises Minister Khaled Badawy issued a decree ordering the shakeup of the board of directors of Misr Insurance Holding Company on Sunday, Ahram Gate reports. This move, which reduced the number of board seats to seven from a previous nine, saw the appointment of Tamer El Batesh as acting chairman of Misr Insurance. El Batesh was managing director at the Egyptian Gulf Holding for Financial Investments, a subsidiary of EG Bank. Banque Misr Vice Chairman Akef El Maghraby and Banque du Caire’s head of risk, Hala Al Qassar, are among the new board appointees. The shakeup comes ahead of an EGX Listing as part of the state privatization program. Misr Insurance’s extraordinary general meeting approved last week plans to list the company.