ICEC

Sawiris’ Beltone Financial targets $1bn fixed income fund in Sept.

Egypt’s Beltone Financial, a unit of billionaire businessman Naguib Sawiris’s OTMT, will launch a $1 billion investment fund in fixed income instruments within September 2017, its chief executive officer told Reuters on Monday.

The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said.

Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth more than one billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017.

Source: Reuters

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