Misr El Kheir Foundation and Beltone Financial establish ‘El Kheir Fund', with an investment and community development outlook, and a capital of 50 million pounds
Misr El Kheir Foundation and Beltone Asset Management, a subsidiary of Beltone Financial Holding completed thelaunch of "El Kheir" Fund, an open-ended balanced fund with an initial capital of EGP 50 million and a par value of EGP 10 per investment certificate.
Mr. Aladdin Saba, Managing Director of Beltone Financial, said the Fund has an investment objective of maximizing returns through investing in a diversified portfolio investing in shares of Egyptian companies whether listed on the Egyptian stock exchange or on international exchanges, as well as fixed income instruments, all while allowing donations of all or part of the Fund's distributions to develop the Egyptian community.
Mr. Wael Mahgary, CEO of Beltone Asset Management, also added that the Fund will allow for investors to donate the Fund's distribution to the main sectors of focus of Misr EL Kheir Foundation (Health, Education, Social Solidarity, Research & Development and aspects of Life). Investor certificate holders may partially or totally donate the funds semi annual distribution and will allow the investors whether individual or corporates to take their place on the social responsibility map of Egypt.
The Fund minimum initial subscription value is EGP 1000 with no minimum thereafter, the lowest among Egyptian funds, with no maximum subscriptions.
It is also worth noting that the "El Kheir" Fund is also unique in that all the Fund's service providers will be donating their fees to Misr El Kheir Foundation to share in the developing of the Egyptian community. These service providers are: