Evolve Azimut likely to issue 2nd subscription tranche for Egypt’s gold fund by Q3
Updated 6/6/2023 12:36:00 PM
Arab Finance: Evolve Azimut, the manager of Egypt’s first gold investment fund, is considering issuing a second tranche of the fund’s investment documents for subscription, yet with a different mechanism, Founder and CEO of Evolve Investment Holding Sameh Eltorgoman told Asharq Business on June 6th.
He expects the issuance of the second tranche to take place after the third quarter (Q3) of this year.
This came after the first tranche was more than 15 times oversubscribed.
The fund, az–Gold, has raised nearly EGP 153 million from the first subscription tranche by luring over 7,000 investors, the majority of which are Egyptians.
Earlier in May, the Financial Regulatory Authority (FRA) has launched the first gold investment fund after granting its approval to Evolve Azimut, a joint venture between Evolve Holding and Azimut Egypt.
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