Pharos Holding for Financial Investments (Pharos Holding), the Egypt-based financial services firm, urged a number of banks to establish mutual funds in the Egyptian Stock Exchange (EGX) with capitals ranging between L.E 50 million to L.E 100 million.
Hussein Sherbini, Managing Director, mentioned that the money market funds as well as the equity funds are going to be launched within the second half of the current fiscal year.
“Pharos is currently managing one mutual fund named Pharos Fund I that launched in 2008. Pharos Fund I’s turnovers usually range between L.E 10 million to L.E 15 million.” He added.
Sherbini has ruled out the possibility of launching any Islamic funds within the coming period.
In the meanwhile, Pharos Holding has recently managed to pay off the loan given by the Ministry of Finance which exceeded L.E 1.2 million. The company had received the loan before the EGX resumed its trading amidst the outbreak of January 25th Revolt and paid it off before the deadline set on Last March 17th.