Asset management company Beltone Financial will be managing a EGP 100m investment fund for Misr Insurance Holding Company, state-run news agency MENA reported Monday. The fund will be managing various financial tools such as fixed income, deposits, treasury bills and deposits. Earlier this year, the Egyptian Financial Supervisory Authority (EFSA) authorised Beltone to establish investment funds. Investor relations manager at Beltone Financial Osama Rashad told MENA that the "EGP 100m investment fund's capital [with a] 2.5 [coverage ratio] to collect EGP 250m". "The foreign solvency for Misr Insurance will legally allow it to increase the fund's size to some EGP 2.5bn," Rashad said, adding that "there will not be investing in the stock market". Rashad added that one of the fund's main benefits is the subscription and redemption process is possible through the National Bank of Egypt and Banque Misr. Earlier this year, Beltone financial and its alliance with businessman Naguib Sawiris attempted to purchase 20% of EFG-Hermes. The Sawiris- Beltone Financial announced in July that it refused to accept the rate offered for purchase of EFG-Hermes shares. The amount of shares required to ensure the alliance had acceptable representation in managing the group were not successfully purchased, it added. Hermes shareholders offered 54.4m shares for sale to the Sawiris-Beltone alliance at EGP 16 per share. This number represented only 48% of the total number of shares the alliance had hoped to purchase.
