Image: Mubasher info

Egypt’s investment bank Beltone Financial will acquire brokerages in Egypt and will launch a $1 billion investment fund in fixed income instruments in September, its Chief Executive Officer Bassem Azzab said on Monday.

Azzab expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian stock market before the end of 2017.

The investment bank will raise $150-200 million in the first phase of the investment fund, Bassem Azzab said.