Odin Investments equity fund subscriptions to open on 10 June

0
417

Odin Investments (ODIN) is currently carrying on procedures to establish an equity fund, in cooperation with Saudi Arabia’s KASB Capital with a capital of EGP 500bn.

ODIN Vice Chairperson and CEO Hashem El-Sayed revealed that the two founding companies are currently underwriting the fund with the seed capital estimated at EGP 10m per company. 

The seed capital will be completed on 7 June, after which it will be opened for public subscription for individuals and institutional investors on 10 June.

El-Sayed said that the equity fund comes as part of a joint investment agreement between ODIN and KASB Capital reached last December, to establish an equity fund. 

However, as the economic conditions changed locally and globally during the novel coronavirus (COVID-19), the implementation of the agreement was put on hold.

He noted that the first closing of the fund will take place at EGP 500m, with the possibility of the amount doubling in the future. 

ODIN will acquire 55% of the new fund’s capital, while KASB Capital will be a shareholder holding 45% of the fund.

El-Sayed added that Odin Investments will manage the fund through its asset management sector, while the bank, which is the recipient of the subscription, has not yet been selected. The final vision of the fund’s investment policy and the sectors targeted for investment have not been finalised either.

Odin Investments has also recently announced the approval by its Board of Directors to establish an investment fund in non-banking financial institutions in partnership with KASB Capital. This is in addition to establishing a fund for services and education technology.

El-Sayed said that these moves came as part of ODIN’s transformation into an integrated investment bank. It is a trend that started with the introduction of the Emerald Real Estate Investment Company on the Egyptian Exchange (EGX), where it played the role of the offering manager.

The post Odin Investments equity fund subscriptions to open on 10 June appeared first on Daily News Egypt.

Source: egyptianstreets