Ridge Capital Mulls Establishing Fund For Default Firms

Ahmed Rizkallah, Country Manager of Sharia- compliant investment bank Ridge Islamic Capital, said the bank is studying the establishment of an investment fund for the defaulted firms.

Rizkallah further explained that Ridge is currently in talks with the country’s major banks which own portfolios for the defaulted firms. The new fund shall work on boosting up the defaulted firms which enjoy investment opportunities so as to get through the current state of insolvency, Rizkallah added.

Furthermore, Rizkallah stated that Ridge is conducting a feasibility study for the defaulted Small and Medium enterprises (SMEs) with the assistance of the banks so as to identify the most suitable opportunities and sectors. Accordingly, Ridge could then launch the new fund by the coming year with a capital not set yet, he noted. The new fund will be addressing the firms in which own capitals valued net less than EGP half a million.