From Sunday to July 20, the subscription to the gold fund, which was first launched in Egypt, begins as a result of a partnership between Azimut Egypt for Fund Management” and “Evolvy Investments” under the control of Financial Supervision.
The IPO is aimed at achieving an acceptable return on investment in various precious metals in accordance with the investment policy of each issue.
The fund will provide investors with the opportunity to immediately invest with high liquidity in these minerals at the lowest possible cost, with the fund making the actual purchase of these minerals through specialized “Easy Cash” companies registered on the Authority’s register, and providing the option of in-kind reimbursement in addition to cash return on investment, if available, depending on the type of metal, the parameters of each version and taking into account the control of the logistical and operational risks associated with this process.
In the details, the client opens an account with a company for the distribution of fund documents in a number of companies, namely Azimuth Egypt, Az-gold management company, Al-Ahly Faros company for securities trading, Arabia Online for brokerage operations with securities and Fleet. Mubasher International, Thunder and Naeem, as well as Global Invest, Premiere and 3Way.
The invested amount is transferred, then a form for investing in gold is signed through the fund, and thus the money is transferred into investment certificates in gold.
The price of the document is estimated at £10 and one document can be purchased, but this is at a later time as 10 documents worth £100 are required at the start of the subscription and all institutional and individual investors can purchase the document.
The target issuance of the Fund as a whole is 250 million Egyptian pounds or the equivalent in various currencies, and it can be increased depending on the size of the issue.
The size of the fund has been increased for buyouts subject to a minimum amount set aside and the founder’s share in each issue by at least 2% of each issue, up to a maximum of £5 million, which can be increased.
The institution seeks to launch a series of consecutive releases over the life of the fund in various types of precious metals and multiple currencies, and the details of each release are determined according to client needs, market conditions and the opportunities available within it.
This enables individuals and companies to invest in RJC globally accredited Egyptian Pound gold and guarantee investment in accordance with Islamic Shariah provisions.
Investing in a fund does not require much liquidity as it saves production costs as an individual can invest in gold at a price of £10, which is the fund’s document price, and the value of money that an individual would subscribe to in the fund is equivalent to the amount of gold.
Any investor is also allowed to return his money or part of it in addition to his profits received at any time, or receive gold corresponding to the value of his investment, and the minimum amount to receive gold is estimated at 50 grams. .
Source: Egyptian site “Cairo 24”.
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