Named NI Capital with a cumulative periodic return (Equity Fund), the newly-established fund is an open investment fund, with its documents offered through public subscription
The Financial Regulatory Authority (FRA) approved the launch of a new investment fund by NI Capital Holding for Financial Investments to invest in Egyptian and foreign securities listed on the Egyptian Exchange (EGX), particularly in shares.
Named NI Capital with a cumulative periodic return (Equity Fund), the newly-established fund is an open investment fund, with its documents offered through public subscription, revealed Ahram Gate.
NI Capital represents the investment arm of the state-owned National Investment Bank (NIB).
Other than investing in securities on the EGX, the fund will also invest in short and medium-term fixed-return instruments, including debt instruments whose credit rating is not less than FRA’s minimum limit acceptable (BBB-) or its equivalent.
The founding company has set aside EGP 5 million for the fund, enabling it to receive subscriptions/or purchase requests in the fund's documents without a maximum limit.
This is in accordance with the FRA’s Resolution No. 1 of 2021, amending the Authority’s Board of Directors’ Decision No. 58 of 2018 regarding the rules, controls and procedures for licensing banks, and for some companies that engage in non-banking financial activities to undertake investment fund activity on their own or with others.
Following the approval of the issuance of the fund's documents, the license obtained from the FRA will enable NI Capital to use a total issuance of funds reaching 139 investment funds with a total value of approximately EGP 107.6 billion, including 14 funds during 2022.
