CAIRO – 3 April 2024: Post For Investment Company (PFI), which is affiliated with Egypt Post, intends to establish a new company named PFI for asset management in Egypt with investments of EGP 7.5 billion, according to Ahmed Abdel Rahman, CEO of PFI, in an interview with Asharq Bloomberg.
The objective, as stated by the CEO, is to have the new company manage assets worth EGP 5 billion within a year.
Abdel Rahman further disclosed that the company has already obtained preliminary approvals for licensing. Furthermore, They are currently awaiting final approvals, which are anticipated to be granted in the second quarter of 2024.
The company's future endeavors include the launch of investment products in stocks, fixed income instruments, the formation of financial portfolios, and the establishment of various types of investment funds, according to Abdel Rahman.
Meanwhile, Egypt post aims to increase its net profits by 30 percent in 2024, reaching LE 5 billion, according to Sherif Farouk, Chairman of the Authority’s Board of Directors, in an interview with asharq last February.
Farouk added that the authority had already augmented its investments in the financial market by 20 percent in 2023, amounting to LE 6 billion.
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