Odin Financial Investments will, next week, start the procedures for establishing a fund to invest in shares listed on the Egyptian Exchange (EGX). The fund will be set up in cooperation with the Saudi Financial Company (SFCO) which will contribute 51% of the capital to Odin.
Odin Vice-Chairperson Hashem El-Sayed said that the fund's capital stands at EGP 20m, but aims to collect a total of EGP 1bn. This will be pumped into shares investment of EGX-listed companies, and will gradually start from November or December 2020.
The company is expected to complete the procedures for establishing the fund and obtaining Financial Regulatory Authority (FRA) approval for incorporation within the next month.
El-Sayed added that his company plans to establish another venture capital investment fund, with a capital of EGP 1bn, which is expected to be launched in early 2021.