Mohamed Alaa El-Din February 10, 2015
The National Postal Authority (NPA) has signed contracts with six companies to manage its Egyptian stock market portfolios for a year through six portfolios, estimated at EGP 3.9bn.
According to an NPA official, the six companies are Rasmala Egypt Asset Management, HC Securities and Investment, Prime Holding for Financial Investments, Alpha Portfolio Management and Hermes.
Khaled Negm, Chairman of NPA, said that the contract was relevant for a limited practice tender in June 2014, with 18 companies registered.
Technical and financial proposals of the best six companies were chosen in August 2014, said the chairman, noting that the authority seeks to achieve huge revenues through these investments. This comes in addition to diversifying its investment portfolio, between fixed income tools and stock market investments.
The total deposits of the authority reached EGP 147bn in 2014, of which EGP 95bn were in the National Investment Bank (NIB) and EGP 45bn in treasury bonds. The NPA achieved a budget surplus of EGP 216bn during the fiscal year (FY) 2013/2014 for the first time in five years, compared to losses of EGP 400m of the year before.
Moreover, roughly EGP 18bn were traded by the authority during 2014, through 11.2m operations, with an estimated number of 1m operations a month.