CAIRO: The subscription of the Arab Investment Bank’s Sanady Fund, managed by HC Securities and Investment, closed Nov. 17 with 200 percent of the coverage targeted, according to a statement.
Sanady, the third open-end, fixed-income fund of the AIB, witnessed investors’ subscription for LE 52.067 million, above the target of LE 25 million.
“This is a tremendous coup that brings a glimmer of hope amidst current unrest the country is going through as it reflects the market’s reliance on the Arab Investment Bank and the investment management by HC at such a critical juncture, said Hani Saif Al-Nasr, managing director of the AIB.
Hussein Choucri, chairman and managing director of HC Securities and Investment, said in order to survive the current state of turmoil in Egypt and the whole region, it is imperative to step up efforts to reinvigorate the economic growth in Egypt and set the wheel in motion.
The subscription of the Arab Investment Bank’s Sanady Fund began Sept. 18.
“With its value being spread between medium and long-term, fixed-income products, Sanady is a safe investment tool (alternative) for individuals, state-run organizations, private and foreign companies. As it does not trade on stock market shares, Sanady is not associated with high investment risks,” the firm said in the statement.
Sanady has a minimum subscription of 100 certificates with no redemption or subscription fees included.
