An unnamed Emirati company has submitted a bid for a 40% stake in state-owned Misr Life Ins., a government official reportedly told Arab World Press. The official didn’t disclose who made the offer or how much the acquisition will cost.

The details: The Emirati company is looking to initially snap a 20% stake in the Misr Ins.Holding subsidiary, before upping its stake to 40% after a year, the source said. The company has finished reviewing the ins. company’s files and has requested certain amendments.

SFE wants to stay in control: The Sovereign Fund of Egypt (SFE) — which currently fully owns Misr Ins. Holding — wants to keep a controlling stake in the subsidiary, the source added.

Remember: The ownership of Misr Ins. Holding was transferred to the SFE from the PublicEnterprises Ministry last year as the government worked to prepare assets for the state’s privatization program. Misr Life Ins. and Misr Ins. — both subsidiaries of Misr Ins. Holding — were named among the government’s list of 35 companies earmarked for privatization that were announced in February last year. The SFE initially said it planned to offer a 10-20% stake in Misr Ins. Holding to strategic investors.

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