Egypt`s Beltone Financial to launch $1 billion fixed income fund: CEO

Published 14/08/2017 in Economy & Finance, Money

Egypt`s Beltone Financial to launch $1 billion fixed income fund: CEO

Egypt’s Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday.

CAIRO (Reuters) – Egypt’s Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday.

The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said.

Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017.

($1 = 17.7400 Egyptian pounds)

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