Afran : Egypt's Concord eyes up to $750 mln from Japan
on 2010/1/25 15:55:27
Afran

20100124

CAIRO (Reuters) - Egyptian company Concord International Investments aims to raise up to $750 million from Japanese investors seeking more exposure to Egypt's undervalued firms and growing economy, the fund manager's chairman told Reuters on Sunday.

"Right now we are in the process of launching a series of funds in Japan," Mohamed Younes said in a telephone interview.

Younes said the first, with $150 million to $200 million from Nikko Asset Management, would be launched by the end of the first quarter.

Nikko was owned by Citigroup until last year when a controlling stake was sold to Sumitomo Trust & Banking Co for $1.2 billion.

Concord will also open a private equity fund with $150 million and two other funds for listed securities with between $100 million and $200 million in the second half of 2010, Younes said, without naming the investors.

Younes said the firm identified Japan five years ago as a market ready to invest overseas again after a period of crisis, and that Egypt's fundamentals remained attractive.

"Four years ago we started our missionary work, knocking on doors and talking about Egypt," Younes said.

"What you are looking at is the growth rate for the economy, and at roughly 5 percent Egypt stands out. More importantly than that, the level of prices in Egypt is very low," he said.

Previous article - Next article Printer Friendly Page Send this Story to a Friend Create a PDF from the article


Other articles
2023/7/22 16:36:35 - Uncertainty looms as negotiations on the US-Kenya trade agreement proceeds without a timetable
2023/7/22 14:48:23 - 40 More Countries Want to Join BRICS, Says South Africa
2023/7/18 14:25:04 - South Africa’s Putin problem just got a lot more messy
2023/7/18 14:17:58 - Too Much Noise Over Russia’s Influence In Africa – OpEd
2023/7/18 12:15:08 - Lagos now most expensive state in Nigeria
2023/7/18 11:43:40 - Nigeria Customs Intercepts Arms, Ammunition From US
2023/7/17 17:07:56 - Minister Eli Cohen: Nairobi visit has regional and strategic importance
2023/7/17 17:01:56 - Ruto Outlines Roadmap for Africa to Rival First World Countries
2023/7/17 16:47:30 - African heads of state arrive in Kenya for key meeting
2023/7/12 16:51:54 - Kenya, Iran sign five MoUs as Ruto rolls out red carpet for Raisi
2023/7/12 16:46:35 - Ambassador-at-Large for Global Women’s Issues Gupta Travels to Kenya and Rwanda
2023/7/2 15:57:52 - We Will Protect Water Catchments
2023/7/2 15:53:49 - Kenya records slight improvement in global peace ranking
2023/7/2 14:33:37 - South Sudan, South Africa forge joint efforts for peace in Sudan
2023/7/2 13:08:02 - Tinubu Ready To Assume Leadership Role In Africa
2023/7/2 11:50:34 - CDP ranks Nigeria, others low in zero-emission race
2023/6/19 16:30:00 - South Africa's Ramaphosa tells Putin Ukraine war must end
2023/6/17 16:30:20 - World Bank approves Sh45bn for Kenya Urban Programme
2023/6/17 16:25:47 - Sudan's military govt rejects Kenyan President Ruto as chief peace negotiatorThe Sudanese military government of Abdel Fattah al-Burhan has rejected Kenyan President William Ruto's leadership of the "Troika on Sudan."
2023/6/17 16:21:15 - Kenya Sells Record 2.2m Tonnes of Carbon Credits to Saudi Firms

The comments are owned by the author. We aren't responsible for their content.