Misr Capital receives purchase, redemption orders for its debt instrument investment fund

The fund has been oversubscribed 2.4 times, with a value of $15.46mln

  
An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Misr Capital, the investment arm of Banque Misr, on Monday started to receive purchase and redemption orders for its Kol Shahr Fund for investment in debt instruments

The fund has been oversubscribed 2.4 times, with a value of EGP 243m.

The fund has attracted strong investor demand although the subscription was limited to customers of Banque Misr and Misr Capital, Vice Chairperson of Banque Misr and Chairperson of Misr Capital, Akef El-Maghraby, said.

Moreover, CEO and Managing Director of Misr Capital, Khalil El-Bawab, said that Misr Capital aims to increase the value of the fund to EGP 2.5bn after meeting all conditions set out by regulatory bodies.

El-Maghraby added that launching investment products suitable for individuals contribute to introducing many citizens to the banking system, which is in line with the policy of both Misr Capital and Banque Misr in supporting financial inclusion.

The Kol Shahr Fund is the third fund launched by Misr Capital this year. Launching the fund has strengthened Misr Capital’s position as Egypt’s largest investment fund manager and one of the largest in the Middle East and North Africa, with an asset base of over EGP 31bn.

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