Mohandes Life Insurance board approves $6.7 mln capital increase

Egypt-based Mohandes Life Insurance Company’s board of directors has approved proposed increase in paid-up capital to 60 million Egyptian pounds ($6.7 million), its managing director announced Saturday.

Mohamed Abd El-latif Mourad – Managing Director at Mohandes Life Insurance Company – told Amwal Al Ghad that his company would start pumping the additional 25 million pounds to the capital in the coming period.

The capital increase will support Mohandes Life’s strategy to launch its mutual fund in the coming period in a bid to maximise the company’s investment portfolio, Mourad said.

Mohandes has an investment portfolio worth around 700 million pounds.