Beltone Financial Holding’s arm launches Beltone Evolve Gold Fund Sabayek
Updated 1/14/2024 9:24:00 AM
Arab Finance: Beltone Asset Management, a wholly owned subsidiary of Beltone Financial Holding, has been granted the management responsibilities of Beltone Evolve Gold Fund Sabayek, as per a statement.
Co-sponsored by Beltone Securities Holding and Evolve Investment Holding, Sabayek is designed to make direct investments in gold bullion with a minimum purity of 999.9.
The fund aims to secure EGP 10 million in capital through the issuance of 100,000 units, each with a nominal value of EGP 100.
Sabayek is backed by an initial seed capital of EGP5 million, already fully subscribed to by the fund co-sponsors.
The gold bullion will be fully insured and securely stored by Egy-Cash, a financial institution owned by the Central Bank of Egypt (CBE).
With an asset value of more than EGP 1.6 billion, Sabayek is the second in a series of funds that invests in fixed-income instruments in Egyptian pound, following B-Secure.
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