Egypt – 3 players plan to raise capital
Monday, 01 23 2017, Category: Insurance and Reinsurance, Country: Egypt
3 companies operating in property insurance plan to inject EGP 30 million in their capitals during the current year increasing capital to EGP 360 million against the current level of EGP 330 million, which is the current total amount of the three companies.
Mr. Ahmad Shehab the general manager of Suez Canal Insurance said that his company is trying to reinforce financial solvency by raising capital to EGP 150 million through an injection of EGP 10 mllion indicating that the objective of the capital increase is related to the credit rating obtained by the rating agency AM Best.
Source: Al Mal News