ArabFinance: Raya Holding Company for Financial Investments (RAYA) is getting prepared to issue EGP 585 million securitization bond for its subsidiary, Aman Financial Services, to finance its expansion plan.

The company has also prepared the prospectus for the subscription of the securitization bonds program to be issued and sent it to the Financial Regulatory Authority (FRA) for approval.

The National Bank of Egypt and the Commercial International Bank are subscribers.

The issuance will be divided into two tranches.

In February, the listed company announced that its unit studying the issuance of securitization bonds and the issuance is pending approvals of the companys board of directors and shareholders as well as regulatory and governmental approvals.

Rayas consolidated net loss slid to EGP 61.67 million in 2020 from EGP 141.04 million in 2019.

Established in 1999 and listed on EGX in 2005, Raya operates within the software and services sector, focusing on information technology consulting and other services. It has subsidiaries operating across North America, the British Islands, Northern Africa, Western Africa, and the Middle East.

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