Delta Insurance Company’s Shareholders approved Tuesday to start procedures relating to the launch of a new mutual fund for cash liquidity, with a capital of EGP 100 million (around US$14 million).
In this respect, the chairman of Delta Insurance Company El-Sayed El-Gohary said his company will initially provide EGP 5 million of the capital. The remaining EGP 95 million of the capital will be provided through subscription, he noted.
Speaking to Amwal Al Ghad on Tuesday evening, El-Gohary stated that Delta Insurance signed an agreement with Audi Bank –Egypt so as to receive subscriptions on the new fund.
Moreover, Delta’s chairman said the fund will be managed by Alpha Capital, an Egyptian investment bank established in 2009.
Delta Insurance awaits the regulatory approval of the Egyptian Financial Supervisory Authority (EFSA) to launch the fund.
Delta Insurance is a public company, listed on Egyptian Exchange since July 1996. It operates within the insurance sector focusing on multi-line insurance. It has 4 subsidiaries operating across Egypt, working on materials, life & health insurance and health care facilities. Delta Insurance is based in Giza, Egypt and was established in September 1980.