Egypt’s Financial Regulatory Authority (FRA) granted Aman for Financial Services Company – a subsidiary of Raya Holding Group for Financial Investments, approval to issue bonds worth EGP 400m, sources close to the matter told Daily News Egypt.

The sources expected that the issuance will be completed during the current month, to make new expansions for the company during the first half of this year. long term.

The Commercial International Bank and the National Bank of Egypt will manage and promote the subscription, while Dreny and Partners will play the role of a legal advisor and the UHY will play the role of the financial advisor and auditor, according to sources.

The sources told Daily News Egypt that the volume of securitization issues reached EGP 55bn by the end of 2022, which is scheduled to be announced in the annual harvest of the FRA. The annual harvest is expected to be issued during the current month.

Aman Financial Services plans to expand consumer financing services in the Saudi market through an affiliated entity and in cooperation with a partner from the Saudi market. The company is currently holding several meetings with Saudi partners towards that end.

Hazem Moghazi, CEO of Aman for Financial Services, said earlier that the company will finish establishing its company in Saudi Arabia before the end of this year. He stressed that the next country will be Nigeria, which has a giant population size, and Raya has a pre-existence there through Raya Trade.

Moghazi revealed that the company’s consumer financing portfolio amounted to EGP 2bn since the beginning of the year, and aims to reach EGP 2.5bn by the end of this year.

He noted that the company during the current period excludes the option of listing on the EGX due to the economic difficulties facing the world in general.

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