Ideavelopers to Invest EGP 60 Mln in 4 Companies

Technology Development Fund, which is managed by Ideavelopers, is considering pumping new investments worth 60 million in 4 companies by the end of the current year.

Ziad Mokhtar, manager of the fund, stated that Mashweer  Company for product delivery is one of the companies that the fund seeks to invest in.

In statements to Amwal Al Ghad, he added that the fund seeks to invest the EGP 60 million before the end of this year, noting that investors in the fund are thinking of re-providing the fund with money after it runs out of its total capital by the end of 2012.

He also noted that the fund has won EGP 6 million profits in 2012 from the smart cards company, adding that these profits were distributed among shareholders by EFG-Hermes, the company responsible for profit distribution.