Export Development Bank of Egypt announced that the IPO of its third mutual fund, “Golden Fund”, will start on Monday with a capital of EGP 50 million. Prime Holding for Financial investments is assigned to be the manager of Golden Fund.
Sources said that Golden Fund will invest in fixed income instruments; namely treasury bills, bonds and deposits. The minimum limit for IPO for individuals is EGP 10 thousand for 100 documents; (each document is worth EGP 100).
EDBE’s first mutual fund “Expert Fund” is with a periodic return and is managed by HC Securities and Investment. Expert Fund is investing in shares, bonds, local and foreign investment documents. While the second mutual fund launched by EDBE provides a cumulative daily return where it is investing in high liquidity and low risk financial instruments with different maturity dates (short, medium and long terms). This fund is managed by Delta Rasmala Fund Management.
EDBE’s non consolidated financial results showed a 78.5% retreat in net profit as the Bank achieved EGP 29.1 million in 6 months ended on December 31st 2011, down from EGP 135.9 million in the compared period. While EDBE’s consolidated results showed a 69.5% retreat in net profit as it reached EGP 43.6 million, compared to EGP 143.2 million.