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EFSA agrees to grant Mubasher licence for managing investment funds Company to hold an extraordinary general assembly to change its name to Mubasher for managing financial investments and increase its capital to EGP 5m
The Egyptian Financial Supervisory Authority (EFSA) has agreed to grant Mubasher for forming and managing financial portfolios a licence for managing investment funds, according to company board member Ehab Rashad. The company increased its capital from EGP 3m to EGP 5m after the approval to add managing funds to its activities. The company is about to hold an extraordinary general assembly to approve the addition of this activity and to change its name to Mubasher for managing financial investments. Rashad noted that the company will begin to perform this new activity this year by determining a list of the investment funds from their management contracts that are about to come to an end. The company will also begin negotiations with banks and insurance companies that intend to establish investment funds. According to Rashad, the current situation for those managing assets indicates a retreat in establishing money market and fixed income funds due to the decisions taken by the Central Bank of Egypt (CBE) to decrease the percentage of the invested banks' money—consecutive decisions were issued for both types of these funds—down to 2.5% of the banks' deposits. In light of this, there will be demand to establish equity funds and balanced funds—an investment scheme that combines stocks and fixed income instruments. The growth of these funds is mainly subject to an improved performance in the stock market.
