Cairo-Mubasher: Mubasher Portfolio Management, a subsidiary of Mubasher for Securities, said on Thursday it is set to start procedures of raising authorized and paid-in capital to EGP 50 million and EGP 5 million respectively.

Ehab Rashad, board member, Mubasher Portfolio Management, said his company will proceed with the capital hike, in addition to changing its brand and objectives in a bid to bolster its services to fulfill the growing needs of its clients.

Mubasher had announced earlier the launch of its fund management activity, to be added to its current activity of securities portfolio management. It also lowered the minimum value for portfolio management to EGP 1 million or its equivalent in the U.S. dollar.

“We will continue to diversify our services in the Egyptian market, in light of the upbeat outlook for the country’s economy and forecasts for more global investments,” said Mohamed Kotb, head of asset management, Mubasher, “We will also utilize top-notch technology to support investors wishing to have businesses in Egypt.”

Mubasher Portfolio Management came on stream one year ago through running retail portfolios. It then expanded its operations to include fixed-income tools like treasury bills and bonds, successfully attracting local institutions and thus managing corporate securities portfolios.

Mubasher is a subsidiary of National Technology Group (NTG), a Saudi-based leading ICT conglomerate headed by Eng. Mohamed Al-Ballaa.

Translated by Sayed Abdel Rahman