Beltone Says to Launch Egypt’s First ETFs in Weeks

Egypt’s Financial investment firm Beltone Financial Holding announced Wednesday it completed the prospectus for the first exchange-traded funds (ETFs) on the Egyptian Exchange (EGX), adding that it notified the market regulator EFSA accordingly.

The Egyptian Financial Supervisory Authority – EFSA has requested several amendments to the prospectus, which were carried out by the company, investor relations manager Osama Rashad told Alarabiya.net.
The official expected the prospectus to be presented to investors within less than three weeks. He stressed that the value of each certificate will amount to EGP 10 ($1.4).
Rashad also said Beltone finalized the establishment of the company that will run the fund, at a capital of EGP 5 million, adding that Beltone will contribute additional EGP 5 million to the fund.
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, and is launching a fund called XT-Misr that mirrors the performance of the country’s EGX 30 stock index.