Beltone Eyes EGP250mln from First ETFs in Egypt Bourse

Beltone Financial Holding is set to complete procedures of launching the first exchange-traded funds (ETFs) in the Egyptian Exchange (EGX) with a capital of EGP 5 million, and is seeking EGP 250 million from the launch, said a company official.
Osama Rashad, Investor Relations Manager at Beltone, told state-owned news agency MENA required documents are being prepared to issue the subscription prospectus after the approval of the Egyptian Financial Supervisory Authority (EFSA).
The issue was delayed from last June because some requirements were not fulfilled. Egypt’s stock exchange had granted Beltone the country’s first licence for exchange traded funds (ETF).
Beltone Financial was the first company to express interest in ETFs, which are listed investment funds.