Cairo – Mubasher: Beltone Asset Management, a wholly-owned subsidiary of Beltone Financial Holding, has launched Beltone Evolve Gold Fund Sabayek, according to a press release.
Co-sponsored by Beltone Securities Holding and Evolve Investment Holding, Sabayek aims to directly invest in physical gold bullion with a minimum purity of 999.9.
The fund plans to secure EGP10 million through the offering of 100,000 units, each with a nominal value of EGP100. Meanwhile, the initial seed capital stands at EGP 5 million.
The physical gold bullion held by the fund will be fully insured and stored by Egy-Cash, a reputable financial institution owned by the Central Bank of Egypt (CBE).
Sabayek is created to provide investors with an alternative venue for investing in gold in Egypt amid the increasing global demand for gold as an inflation and currency hedge.
Khalil El-Bawab, CEO of Local and Regional Markets at Beltone, noted that this partnership will offer an opportunity to access the stability and long-term value of gold as an investment asset.
El-Bawab added that Sabayek is part of Beltone’s strategy to offer a variety of mutual funds that suit the needs of a variety of investors and their investment goals.
Sameh El Torgoman, Chairman and CEO of Evolve Investment, said: "By launching a new gold investment fund, we are not only providing investors with a unique opportunity to invest in 24-carat gold, but we are also supporting the efforts of the Financial Regulatory Authority to innovate and introduce new products.”
In the first nine months (9M) of 2023, the EGX-listed firm shifted to consolidated net profits after tax valued at EGP 85.77 million, versus net losses worth EGP 139.88 million in 9M-22.
