Hussein Choucri, Chairman and Managing Director of HC Securities and Investment
In a new step towards strengthening Egyptian stock exchange and helping boost economy, the subscription of Misr Al Mostakbal Fund commenced Sunday, May 11, 2011. It is an open-end fund with a minimum subscription of one certificate valued LE 10, and no maximum subscription set. Subscription by expatriate Egyptians and Arabs takes place through the Arab Bank branches in Qatar and UAE, the Union National Bank-UAE and the United Bank's correspondents in the Arab Gulf and Jordan (details attached).
Subscription in Egypt takes place through 6 banks: the Commercial International Bank-CIB, the United Bank, the Arab Bank, the Union National Bank, Misr Iran Development Bank, and the Watani Bank of Egypt.
Mohammed Abdul Salam Chairman of the Egyptian Stock Exchange expressed his gladness over the launch of the fund. He wishes it would achieve remarkable success and play a pivotal role in supporting Egyptian economy in the near future, particularly as it is managed by HC Securities and Investment acclaimed for its considerable experience in investment fund management.
"We are well pleased with the trust placed on us to manage the Misr Al Mostakbal Fund in light of the primary role it is expected to play in rebuilding the Egyptian economy and the stock market. Increasingly, attracting a new array of investors to the Egyptian stock exchange, allowing them to contribute to this national investment by a subscription with a value of just LE 10 per certificate," said Hussein Choucri Chairman and Managing Director of HC Securities and Investment.
"Stemming from its patriotic duty and fulfilling its responsibility for promoting investment growth at this critical juncture, and with a fund of such paramount importance expected to significantly contribute to boosting economy, HC decided to waive the fees of managing the fund in its first year of operation," added Mr Choucri
Misr Al Mostakbal is the tenth among HC's assortment of investment funds. This culminates HC's 15 years of experience in offering financial services, through which it laid a foundation of trust based on devotion and integrity that are the cornerstone of its business. HC now manages close to 60 financial portfolios for local and international investors in Egypt along with its business in investment fund management, added Mr Choucri.
The Fund will invest in equities listed on the Egyptian Exchange. The Fund aims to achieve returns related to the degree of associated risk in accordance with investment manager's decisions and diversification of the investment portfolio across different segments and companies in these sectors.