Beltone Financial to be in charge of Egyptian sports support fund
Beltone Financial
Cairo - Egypt Today
Beltone Financial Holding will be responsible for running the Egyptian Sports Support Fund, which was lately approved by the Financial Regulatory Authority to boost sports in Egypt, a top official at the company said Wednesday.
The company will be in charge of managing the assets and investments of the fund and increasing their profits without taking any financial return, said Osama Rashad, director of the investors' relations department at the company.
The fund is of a paid capital of five million pounds that can be raised to 250 million pounds in accordance with Egyptian money market laws, he said.
The move comes as part of the company's role in boosting national economy and Egyptian sports, he added.
Talks are underway with Banque Misr, that partners with Beltone Financial Holding in the management of Beltone Private Equity, to prepare the subscription of the new fund.
The new fund's subscription has to be first approved by the Financial Regulatory Authority before announcing any investments in the new fund, he added.
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