Mohamed Al-Nabarawi, CEO of asset management at NI Capital, revealed that the subscription to the equity fund with an initial capital of EGP 25m will be opened before the end of this month, pointing out that the fund had obtained initial approvals from the Financial Regulatory Authority.
Al-Nabarawi told Daily News Egypt that the subscription to the fund’s documents will stand at EGP 10 without a maximum limit. Arabeya Online will manage the subscription process. He noted that the investment return on the fund’s documents will exceed the inflation rate.
He stressed that the Egyptian Exchange remains attractive, especially that there are some stocks that have cash dividends of about 15-16%.
Late September, Egypt’s Financial Regulatory Authority (FRA) approved a request by NI Capital to establish a new investment fund under the name NI Capital Fund with a cumulative periodic return (equity fund).
The FRA said the fund aims to invest in Egyptian and foreign securities listed on the Egyptian Stock Exchange, especially in shares, in addition to investing in short and medium-term fixed-return instruments, including debt instruments, whose credit rating is no less than the minimum limit acceptable by the authority (BBB-) or its equivalent.