*Updated with details
Subscription to the new Egyptian gold fund will begin on May 21, and purchase of the document will be available to all institutional and individual investors, Egyptians and foreigners, said Ahmed Abu Al-Saad, fund manager and CEO of Azimut Egypt. According to Zawya Arabi, responsible for managing funds and managing portfolios.
As of Sunday, the Egyptian Stock Exchange began announcing gold prices on its website, in conjunction with the preparation of receiving subscription requests for Egypt’s first fund specializing in investing in gold.
The fund is a specialized company to invest in gold by issuing documents, at prices starting from 10 pounds or 0.3 dollars, and it is subscribed, and then the proceeds are sent to buy gold, and these funds earn a profit. According to the movement of gold prices. The investment can be redeemed in gold or cash.
The fund is called As-Gold and will be managed by Azimuth Egypt. According to the company’s website, the minimum number of documents in the initial offer is 100 documents.
Abu al-Saad said, “One of the postal companies (is) 11 companies, including Egyptian Investment Services, authorized for purchase and redemption. The 11 companies include Azimuth, according to the company’s website.”
Abu al-Saad says the fund is not listed on the stock exchange and documents are handled through subscribers.
(Prepared by: Shaima Hefzi, edited by: Yasmin Saleh, contact zawya.arabic@lseg.com)
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