Egyptian Financial Supervisory Authority approved Export Development Bank’s “Golden Fund”, whose capital is EGP 50 million, increasable during the initial public offering, which will invest in treasury bills, bond and deposits.
Sources at the Bank said that the 2-week IPO will begin on March 26th after setting the IPO’s prospectus on March 11th.
The Bank assigned the Fund’s management to Prime Securities Ltd., specialized in managing investment funds.
Non-consolidated results of the Bank showed that it achieved EGP 29.1 million net profit for 6 months ended on December 31st 2011, compared with EGP 135.9 million, with a 78.5% retreat. Consolidated results showed a 69.5% retreat in net profit, as it reached EGP 43.6 million, compared with EGP 143.2 million.