Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary

Talaat Mostafa Group is Egypt's largest listed real estate developer

  
Image used for illustrative purpose. High Angle View Of Traffic On City Street Photo Taken In Cairo, Egypt.

Image used for illustrative purpose. High Angle View Of Traffic On City Street Photo Taken In Cairo, Egypt.

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CAIRO- Egypt's Financial Regulatory Authority approved the first issuance of sukuk, or Islamic bonds, worth 2 billion Egyptian pounds ($127 million) by a subsidiary of Talaat Mostafa GroupTMGH.CA , it said in a statement on Wednesday.

The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development, will be available for trading and for expedited payment but will not be transferable for shares, the authority said.

The new sukuk period is for 57 months, up to the end of 2024.

Talaat Mostafa Group is Egypt's largest listed real estate developer. ($1 = 15.7000 Egyptian pounds)

(Reporting by Ehab Farouk, writing by Mahmoud Mourad; Editing by Hugh Lawson) ((mahmoud.mourad@thomsonreuters.com;))