HC Securities Eyes Current Assets Hike to EGP10bn by 2014-end

Egypt-based HC Securities & Investment targets an increase of its current assets to EGP 10 billion by the end of this year, according to chairman Hussein Choucri.

Speaking to Amwal Al Ghad on Tuesday, Choucri said HC Securities & Investment is planning an increase of total volume of its current assets to EGP 10 billion from EGP 6 billion by 2014-end.

It will be through stimulating HC’s current assets portfolios in addition to the launch of new types of mutual funds by virtue of the recent legislative amendments to funds industry in Egypt, he elaborated.

Moreover, HC chairman stated that Egypt’s mutual funds industry will witness within 2014 a remarkable return  spurred by recent legislative amendments announced by the Egyptian Supervisory Authority (EFSA).

“In Egypt, there around 91 mutual funds. However, the market still needs new types of funds to meet with investors’ aspirations.” Choucri noted.