Egypt's Raya Holding authorises unit to issue $38.18mln securitisation bonds
Proceeds will be used to finance the working capital cycle
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
Cairo – The board of directors of Raya Holding for Financial Investments authorised the management of its subsidiary Aman Financial Services to proceed in the issuance of securitisation bonds worth EGP 550-600 million in collaboration with the National Bank of Egypt (NBE) and Commercial International Bank - Egypt (CIB).
The board also approved the transfer of part of its credit portfolio, including consumer loans, to the subsidiary, according to a bourse disclosure on Sunday.
Proceeds from the issuance will be used to meet the company’s financing needs and finance its working capital cycle after obtaining the required administrative, regulatory, and governmental approvals.
Over the course of 2020, Raya Holding incurred consolidated net losses of EGP 45.68 million, down from EGP 85.1 million a year earlier, including minority shareholders’ rights.
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