Mubasher Capital plans for 10 funds starting next year
Mubasher Capital to establish 10 equity and debt funds from 2022-2025: Mubasher Capital Holding for Financial Investments plans to set up 10 funds starting 2022 in Egypt, Chairman Ehab Rashad told Enterprise. The plan, which is still being ironed out, will see the company launch a fund every quarter starting 2022, with a target to raise EGP 250-500 mn for each fund from regional investors, he added. The funds will be primarily focused on investments in stocks as well as debt securities including green bonds and treasury bills, Rashad added.
The plan is pending approvals: The company submitted a request for the Financial Regulatory Authority to get a fund manager’s license, which Rashad expected to be given before the end of this year. The company’s board of directors will also convene in the second week of August to approve adding the new line of business.
Other fund-related plans: Mubasher also plans to wrap up the acquisition of an unnamed Egyptian company that owns a fund focused on investments in stocks, bills and treasury bonds before the end of this year. The company already obtained all necessary approvals.