Egypt's Palm Hills gets ready for $20mln sukuk program within 2 weeks

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Egypt - Sarwa Sukuk Company is getting ready to launch the Sukuk issuance program worth around EGP 3.2 billion for Palm Hills Development Company (PHDC) in the first quarter (Q1) of 2022, informed sources told Al Borsa News.

The Sukuk are set for issuance within two weeks, the sources projected.

The Financial Regulatory Authority (FRA) is currently studying the program and the company is close to getting the necessary approvals for the issuance, the sources added.

Moreover, MERIS Ratings is nearing completion of studying the financing structure of the sukuk as well as its credit rating, they pointed out.

On February 16th, Palm Hills Development announced that its board of directors approved financing Badya project by the issuance of Sharia-compliant Sukuk worth EGP 3.251 billion through Sarwa Sukuk Company.

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.