(MENAFN- Daily News Egypt) Azimut Egypt and Evolve Investment Holding successfully concluded the initial subscription period, ahead of schedule, for“az Gold” Fund which is the first tranche of Egypt's First Precious Metals Fund, with initial subscriptions of EGP 152.8m, more than 15x oversubscribed with the number of subscribers exceeding 7,000 investors.
For the first time in Egypt, the Financial Regulatory Authority- FRA approved the issuance of the First Precious Metals Fund and its first tranche“az Gold” paving the way for adding a new asset class to the capital market industry and allowing investors to further diversify their Saving & Investment options. The step is in full alignment with the ambitious financial inclusion plan set forth by the Egyptian government.
The placement's success as well as the oversubscription is considered a new milestone for Azimut and Evolve as well as their partners including EGYCASH, the fund's gold custodian, and the 13 receiving entities. The fund will be open for ongoing subscription and redemption twice per week through the same entities.“az Gold” is aiming to increase its reach to the Egyptian people by engaging new distribution partners.
Sameh El Torgoman,
Chairman and CEO of Evolve Investment Holding, said in a statement that“It is with great pleasure that we announce the successful closure of the initial subscription period of az-Gold, achieving one of our major objectives as a company: to provide the capital market with an inflation-protected saving instrument backed by gold and accessible to all segments of the Egyptian population. az-Gold paves the way for new types of investors to enter the capital market and offers a unique Alternative Investment opportunity for Egyptian institutions to diversify their portfolios and benefit from the stability and security of gold. This fund is a result of an effective collaboration with the Financial Regulatory Authority, which demonstrates the country's continuous support for private sector initiatives that serve the best national interest.”
Ahmed Abu Al-Saad, CFA, MBA,
the Managing Director of Azimut Egypt, stated:“We are thrilled that Azimut Egypt and Evolve are making history. The success of the fund comes as a new breakthrough for the Egyptian Mutual Funds' Industry being the first Precious Metals Fund to be launched in Egypt. We are excited by the level of interest and interaction we have received from different types of investors which translated into the extraordinary number of subscribers in only two weeks, a key achievement for Azimut and a positive indication on the fund's size prospect. This Fund comes as a continuity to the efforts exerted by Azimut in spreading the financial knowledge and transferring its experience in 18 countries to Egypt, which Azimut started by launching more than 9 funds in less than 3 years to cater for different investment objectives to its clients”.
Finally,“az Gold” Fund aims to democratize investments and works on achieving financial inclusion in its best ways. It now offers investors an easy, accessible & completely compliant structure of investing in Gold under the supervision of the FRA and works on eliminating different types of risks to serve as a convenient investment option to all types of Investors.
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