Premium International aims to inject funds of about $106mln in 2022

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Premium International, which specialises in consumer finance, aims to pump more than EGP 2bn in financing during 2022.

President of Premium International Paul Antaki said that the company aims to achieve an annual growth rate of 35 to 40% this year and has issued more than 200,000 cards to its customers.

He also told Daily News Egypt that the volume of credit facilities from banks reached EGP 750m and that the company is preparing to issue a new tranche of short-term securitisation bonds before the end of this year.

The company also launched a multi-issue short-term securitisation bond programme with a total issuance value of EGP 2bn divided into tranches with maturities ranging between six, nine, and 12 months.

The duration of the bond issuance programme is two years and is scheduled to conclude at the end of this year.

Antaki added that the company studies the financial solvency of the client well before granting the financing in order to avoid insolvency, and it actually provides interest-free financing and avoids wasting money.

Furthermore, he pointed out that consumer financing supports the purchasing power of customers during periods of inflation and helps in continuing to push the wheel of production, however, caution should be given to the value of the funds granted in the market.

Additionally, Antaki noted that the company’s plan to debut on the Egyptian Exchange has been postponed temporarily until market conditions improve, as the current market conditions are not conducive to the offering process.