Pharos Defers Plans to Found Two Mutual Funds in EGX

Pharos Holding for Financial Investments (Pharos Holding), an Egypt-based financial services firm, has decided to put off its talks with a number of banks to establish two mutual funds in the Egyptian Exchange with capitals ranging between EGP 50-100 million, citing the unstable political situation in Egypt.

Hussein El Sherbiny, Managing Partner at Pharos Holding, told Amwal Al Ghad that the recent unstable political situation has driven his company to modify its investment plans.

He further said Pharos will reconsider its plans on accordance with the current situation in Egypt, seeking to achieve significant investment feasibility.

It is worth noting that Pharos Holding was planning to establish a money market fund and an equity fund with the cooperation with a number of banks.

Pharos Holding for Financial Investments offers a wide range of financial services, including securities brokerage, investment banking, asset management and private equity, all specializing in the Egyptian market.