Egypt's Beltone Financial to launch $1 billion fixed income fund: CEO

[August 14, 2017]  CAIRO (Reuters) - Egypt's Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday.

The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said.

Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017.

($1 = 17.7400 Egyptian pounds)

(Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by Eric Knecht)

[© 2017 Thomson Reuters. All rights reserved.]

Copyright 2017 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.