Suez Canal Bank and Beltone Financial establish 'Al Agyal' fund with a starting capital of LE100m

'Al Agyal' is an open investment fund capitalized at LE100m, and will be managed by Beltone Asset Management.

The objective of the fund is to invest in Egyptian equity with a strategy of maximizing returns within an acceptable risk limit.

The fund does not distribute dividends, and will be issued with a certificate par value of LE10.

The duration of the fund is 25 years starting the day of inception.

Suez Canal Bank General Manager and Head of Risk Mr. Mohamed Samy commented on the fund by saying that one of its unique features is that it allows for daily subscription and redemption.

The initial subscription for the fund will consist of a minimum of LE5000 only.

Commenting also was Beltone Asset Management's Executive Director Mr. Hisham Akram who said that the fund specifically targets investors with an appetite for diversification in the Egyptian stock exchange; and that are looking to tolerate a certain degree of risk associated with this type of investment in return for substantial medium and long-term profits.

Mr. Akram added that the LE 10 certificate value would provide the fund with added liquidity and would specifically appeal to smaller investors.

This will provide investors who have limited experience with an opportunity of exposure to the Egyptian stock market without having to bear the risk of managing the funds.