Sep 22. INSIG, the state owned insurance company will be privatized in November, sources from the Ministry of Finance say. Currently, the state owns 61% of INSIG, and the remaining 39% is owned by IFC and EBRD in equal stakes.
So far, 10 companies have expressed interest on INSIG, all foreign, and may participate in the bid. The sale procedure will continue with the selection of the right companies considered to be strategic investors in the sector. Meanwhile, KPMG, an audit company, is assigned with the evaluation of the INSIG assets, however all possible buyers have been in invited to make their own financial analysis of the company. They will have a month to make their own evaluation and then present their offer to the Ministry of Finance.
The price coming out KPMG audit report will be used to by the Council of Ministers to set a minimum and maximum price level to be used as standards in November for the privatization bids of INSIG.
INSIG is the first insurance company in Albania, founded in 1991, and leader of the sector for many years. Currently, the company covers 17% of the Albanian insurance market, ranked 6th overall
Privatization of INSIG to happen in November
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