By Mohamed Fawzi
Cairo Development and Investment (CIRF) and Rasmala Securities have received the top technical evaluations within the tender put forward by Egypt Post to contract with six investment management companies to manage the Egypt Post’s portfolio in the stock exchange.
Eighteen companies submitted to the tender, of which 12 were rejected because they did not meet the technical standard of 90% set by the Investment Committee of the Egypt Post.
CIRF and Rasmala Securities both had a technical standard of 93.5% each, while HC and Prime stood at 93.1%. Hermes and Alpha came in to round off the list with 93.04% and 93% respectively.
CI Asset Management or Pharos were noticeably missing from the list of eligible companies for the tender.
He added that the Post will manage its fixed bonds by itself, while the management of the Post’s stock will be equally shared between the winners of the tender, indicating that the financial examination on technically qualified offers will be made over 10 days.
The list of financial and asset management companies that applied for the tender and acquired less than 90% in terms of their technical evaluation were: Pharos at 81.9%, Arab African Investment Management at 78.36%, CI Asset Management at 77.21%, and Naeem Financial Investments at 75.83%, Amwal at 72.77%, Al Watany at 71.59%, Al Ahly at 71.36%, Beltone at 69.59%, Acumen at 68.52%, Masr Capital at 66.78%, Sigma Capital at 61.43%, and Al-Tawfeek at 59.42%.
Translated from Al-Borsa newspaper.