CIAF Leasing is ready to present the prospectus for the Sukuk offering to the Financial Regulatory Authority (FRA) by the end of next week, or by the following week at most, informed sources told Daily News Egypt.
The sources indicated that meetings are currently being held with the Financial Regulatory Authority regarding required amendments to the prospectus. Once it is completed, the prospectus will be delivered, expecting the implementation of the offering process in March.
CIAF is currently preparing to float $50m sukuk, and promotions are underway to launch them, which is the first sukuk offering witnessed in the Egyptian market, after the approval of legislative controls for issuing sukuk in Egypt.
The sources indicated that the Aviation Support and Development Fund objected to the existence of conditions in the dividend distributions in the prospectus for the issue and is currently being addressed by removing the dividend requirements. The prospectus of the sukuk was also stipulated not to change the structure of the companys board of directors during the life of the instrument, which some shareholders objected to, as they will be modified by allowing the change in the management structure provided that the new administration is specialised.
The sources indicated that the General Assembly of CIAF will reconvene to approve the prospectus after making amendments to it, after mandating Al-Tamimi, Nour & Co. to make the required amendments and re-adopt them from the FRA and present them to the General Assembly within a month.
The ownership structure of CIAF includes Civil Aviation Support and the Development Fund with a 30% stake, the Civil Aviation Financial Holding with 30% and 40%, distributed by 10% in favour of Egypt Air and Maintenance Company and 10% by the Egyptian Academy of Aviation Sciences, and other shares distributed equally between the Cairo Airport, Egyptian Airports, Egypt Air for Airlines and Egypt Air for Ground Services at 5% each, while the issued and paid capital of the company is $50m.
2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).