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Subscription in ATAA charitable fund to start on 5 November: NSB Subscription ends on 4 January 2020, and can be suspended after 10 days if the subscription was not fully covered, says Farouk
The subscription to the ATAA charitable investment fund, set up by Nasser Social Bank (NSB) to support people with disabilities, is scheduled to start on 5 November, according to Sherif Farouk, first deputy chairperson and managing director of the NSB. Farouk had indicated in previous statements to Daily News Egypt that the subscription's prospectus has been formulated with the Financial Regulatory Authority (FRA). According to Farouk, the subscription to the Fund's securities will last for two months, ending on 4 January 2020, and can be suspended after 10 days if the subscription was not fully covered. The initial capital of the fund is EGP 200m, and the price of securities is EGP 10m, set to expand the base of subscribers. The fund was scheduled to open for subscription during the first week of October, but the board preferred to take more time to promote it, to ensure the largest coverage. The fund is the first of its kind in Egypt, operating in accordance with the capital market legislation and under the supervision of the FRA. The fund was established in the form of a joint stock company in accordance with the provisions of the Capital Market Law No. 95 of 1992 and its executive regulations, aiming to achieve the highest possible returns on the funds invested in it, by investing in various investment instruments. All profits and returns resulting from the investment of the fund's portfolio shall be directed to social and charitable purposes, such as education and training for persons with disabilities. In a previous statement to Daily News Egypt, Farouk said Rasmala Egypt Asset Management has been selected by the NSB to act as the fund manager, while the Egyptian Company for Funds Administration Services will be responsible for the fund's administrative services. The NSB's board of directors agreed to allow Banque Misr, the National Bank of Egypt (NBE), and the Suez Canal Bank to receive subscription, purchasing, and underwriting offers for the fund. Farouk said that the fund will be promoted to ordinary and legal persons through the NSB, Banque Misr, the NBE, and the Suez Canal Bank. Farouk pointed out that the board of directors for the fund is headed by Emad Ragheb, one of the most famous Egyptian accountants and former executive partner of Ernst & Young Egypt. According to Farouk, the fund allows Egyptians and foreigners, whether natural or legal, to support people with disabilities by purchasing the fund's securities, and the proceeds will be directed towards charitable purposes.
