7,000+ Investors Joined “az-Gold” Fund

Azimut Egypt and Evolve Investment Holding successfully concluded the initial subscription period, ahead of schedule, for “az Gold” Fund which is the first tranche of Egypt’s First Precious Metals Fund, with initial subscriptions of EGP152.8 million, more than 15x oversubscribed with the number of subscribers exceeding 7,000 investors.

For the first time in Egypt, the Financial Regulatory Authority- FRA approved the issuance of the First Precious Metals Fund and its first tranche “az Gold” paving the way for adding a new asset class to the capital market industry and allowing investors to further diversify their Saving & Investment options. A step that is in full alignment with the ambitious financial inclusion plan set forth by the Egyptian government.

The placement’s success as well as the oversubscription is considered a new milestone for Azimut and Evolve as well as their partners including EGYCASH, the fund’s gold custodian, and the 13 receiving entities. The fund will be open for ongoing subscription and redemption twice per week through the same entities. “az Gold” is aiming to increase its reach to the Egyptian people by engaging new distribution partners.