Egyptian asset management firm Mubasher Capital is preparing to launch what it hopes will be the country’s first silver investment fund, said vice chairman Ehab Rashad.
The company has not set a target launch date, but submitted the necessary documents to the Financial Regulatory Authority (FRA) earlier this week, Rashad revealed details to Zawya Arabic on the sidelines of a conference in Cairo on Tuesday.
Founded in 2018, Mubasher Capital Egypt engages in securities trading and manages investment funds and portfolios. The company is part of the Bahrain-based Mubasher Group, which was founded in 2007.
“We hope to become Egypt’s first silver fund. The target size of the fund is 2 billion Egyptian pounds ($42.6 million),” Rashad said.
In Egypt, rising metal prices and easing interest rates have boosted demand for commodity-focused funds. Several gold investment funds are already active in the market, and companies are increasingly exploring silver-based products.
Mubasher Capital currently manages three investment funds: an equity fund, a bond fund, and a gold fund. The company is also working on developing additional products, including a dollar-denominated fund and a fund tracking Egypt’s low-volatility stock index, EGX35-LV.
Key details of the planned silver fund
Mubasher Capital is awaiting regulatory approval to begin subscriptions after filing incorporation documents with the FRA earlier this week, Rashad said. He did not disclose the launch schedule.
Rashad said the fund was established as a partnership between Egypt’s Mubashar Capital and Egyptian gold investment company Empire of Gold, with Mubashar Capital holding a 70% stake and Empire of Gold holding a 30% stake.
He said the fund’s initial capital was set at 10 million Egyptian pounds and the goal is to grow its total assets to 2 billion Egyptian pounds.
Rashad said the subscriptions will be offered through four Egyptian companies: Mubasher Capital, Ostur Capital, Arabeya Online and Zaldi Investment.
Click here to read the article in Arabic.
