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NAHO - Naeem Holding For Investments SAE News Story

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UPDATE 1-Naeem Holding starts $56 mln private placement for real estate fund

Wed 5th April, 2017 12:27pm
(Adds details) 
    CAIRO, April 5 (Reuters) - Egypt's Naeem Holding  NAHO.CA  
on Wednesday started a private placement for a real estate fund 
worth 1 billion Egyptian pounds ($56 million), the company's 
chief executive officer Yousef Al Far said at a news conference. 
    The placement will take place over one month and will be 
followed by an initial public offering for the fund before the 
Muslim holy month of Ramadan, due to start at the end of May. 
    Al Far said the fund's duration was three years and it was 
expected to make a profit of at least 26 percent a year.  
    The minimum investment for the private placement is 10 
million pounds and for the public offering 50,000 pounds. 
    The firm also plans to launch another real estate fund 
before the end of the year, Al Far said. 
    ($1 = 17.9500 Egyptian pounds) 
 
 (Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by 
Jane Merriman and Mark Potter) 
 ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters 
Messaging: asma.alsharif.reuters.com@reuters.net)) 
 
Keywords: EGYPT NAEEM/
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