Egyptian Life Takaful-GIG in talks to relaunch NBK bank’s fund

Egyptian Life Takaful Company – GIG seeks to relaunch the National Bank of Kuwait –Egypt’s (NBK Egypt) mutual fund as part of plans to boost its investment portfolio, managing director announced Sunday.

The capital of the NBK-Egypt’s fund is worth 50 million Egyptian pounds ($2.7 million), Rimah Asaad further told Amwal Al Ghad.

“We are holding some discussions with the book runner, NBK Capital Company to study mechanisms to relaunch the fund in the coming period.” Asaad said.

The discussions involve setting the suitable time to relaunch the fund, he added.

Egyptian Life Takaful Company – GIG, is 60.62 percent owned by Kuwait’s Gulf Insurance Group.