Royal Insurance Company decided to launch new mutual fund for underwrite with EGP50 million initial capital by next October, it is schedule to assign it to Alpha Capital to manage the investment funds, said Managing Director Hassan Darwish.
Speaking to Amwal Al Ghad, Darwish told that Royal finalized all the measures of launching the fund as the company obtained the approval of General Assembly to launch the fund along with the approval of Egyptian Financial Supervisory Authority (EFSA).
The mutual fund of cash liquidity aims providing savings pot to ease the daily cash liquidity, Darwish added.
Royal is planning increasing its capital within the upcoming phase to become EGP80 million as a prelude to support and increase to EGP100 million.
Furthermore, Darwish pointed out that Royal is still negotiating with two banks to conclude cooperation agreements, noting that the sign of protocol will take place by the next few months that will boost the company’s achieved premiums.