Agro Corp Private Equity said it has decided to delay the launch of its new offshore fund till the end of the current year. Worth mentioning, the company stated one month earlier that the fund would be launched by the beginning of October 2012.
Khaled Saba, Agro Corp Private Equity CEO, said the decision to delay the launch of the company’s offshore fund was due to adopt wait-and-see approach to the economic and political arenas. Hence, the company would then achieve its goals behind launching the offshore fund.
Saba added that Agro Corp has completed most of the stages of defining the investment policy of the new fund. The new offshore fund will be investing in the Egyptian market’s food sector during the first phase in which the fund targets collecting $100 million till March 2013.
Moreover, Saba asserted that the new offshore fund’s plans will continue with no change as it will work on seizing some of the high-growth firms’ shares.
Elsewhere, Saba mentioned that the country’s economic system currently requires to work on obtaining the International Monetary Fund (IMF) loan as soon as possible so as to face a series of growing challenges.
In the long run, the economic system requires to work on the re-distribution of the resources so as to achieve equity and justice, Saba added.
