The Egyptian Stock Exchange started announcing gold prices on its website, in cooperation with Gold Net Trading Company, a subsidiary of Evolve Investment Holding Company, which is owned by the former head of the stock exchange, Dr. Sameh Al-Turgoman.
The announcement of the official website of the Egyptian Stock Exchange was limited to the price of 24 grams, which recorded 2882.06, according to the offer, while it recorded 2948.71 pounds according to the request.
The stock exchange announces gold prices on its official website
Rami El Dokani, Chairman of the Stock Exchange, said during a workshop for journalists held earlier that the Stock Exchange will announce gold prices within a maximum of two weeks, and that these prices will have a role in assisting the Financial Regulatory Authority in the work of the Gold Investment Fund.
It is scheduled that the Chairman of the General Authority for Financial Supervision, Dr. Mohamed Farid, will launch tomorrow, Sunday, the first fund to invest in gold on the Stock Exchange, in conjunction with the announcement of Rami El Dokani, Chairman of the Stock Exchange, gold prices on the website, after the completion of fixing the technical problems, which postponed the start of the price display since last Sunday.
The “AZ-Evolve” fund is the first gold investment fund that aims to raise about EGP 2bn initially for the first phase of the subscription, which will start on Sunday, May 23rd.
The first gold fund of its kind comes through the cooperation of Evolve Investment Holding, with Azimut Egypt, to manage investment funds.
Evolve will undertake the process of buying raw gold and keeping it through the method of egcash for technological solutions for cash transactions, “specialized in providing services related to cash trading, while Azimut Egypt will manage the fund, the fund manager, along with Catalyst Partner for management services to determine the prices of the document, which is expected to start at a price of 10. Pounds according to the rules of the Financial Regulatory Authority.
The door for subscription to the fund will be opened through several entities, including Al-Ahly Pharos Securities Brokerage Company, Arabia Online Brokerage Company, Fleet, Mubasher International, Thunder, and Naeem, in addition to Global Invest, Premier, and 3Way.