Cairo – Talaat Moustafa Group Holding (TMG Holding) announced that its subsidiary, Arab Company for Projects and Urban Development, is finalising the required procedures to issue sukuk worth EGP 2 billion in the coming period.

This move is part of the real estate developer’s efforts to diversify its financing sources, Talaat Moustafa Group said in a statement to the Egyptian Exchange (EGX) on Sunday.

It is worth mentioning that during the first nine months of 2019, TMG Holding reported a net profit of EGP 1.37 billion, up from EGP 1.24 billion in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.