Cairo – Mubasher: Beltone Financial Holding will launch an investment fund of $1 billion in fixed income instruments in September 2017, managing director Bassem Azab told Reuters.
The investment fund targets foreign investors in Gulf States, Europe, and the US, Azab said, adding that the fund’s promotion tour will start after the Eid Al-Adha holiday next September.
The firm aims to raise $150 million to $200 million in the initial phase of the investment fund of the total target capital of $1 billion, he highlighted.
He noted that Beltone is seeking to acquire brokerage companies or to manage assets inside or outside Egypt, pointing out that the firm owns the needed liquidity for acquisitions and it could get back to increase capital share when needed.
He expected the company to manage the initial public offering (IPO) of a pharmaceutical company worth EGP 1 billion in Egypt before the end of 2017.
Beltone’s capital amounted to EGP 200 million distributed through 169.01 million shares, with a par value of EGP 2 per share.
The Egyptian company achieved profits of EGP 13.5 million in the three months ended June 2017, compared to losses of EGP 9.12 million in the same period last year.
By 11:18 am Cairo time, Beltone’s stock shed 0.63% to EGP 14.3.
