Contact Financial Holding closes second Sukuk issuance

The proceeds will be directed to finance further expansion of Contact Credit and its subsidiaries

  
An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh
Cairo - Mubasher: Contact Financial Holding has closed its second Sukuk issuance worth EGP 2.5 billion by its Sukuk arm, Sarwa Sukuk Company.

The Shariah-compliant Mudaraba Sukuk, which has a seven-year tenor, received a high credit rating of A- by Middle East Ratings and Investors Service (MERIS), Contact Financial Holding said in a bourse disclosure on Tuesday.

The proceeds will be directed to finance further expansion of Contact Credit and its subsidiaries.

This issue marks Contact's second transaction, bringing its total Sukuk issuances to EGP 5 billion.

Sarwa Promotion and Underwriting served as lead manager and arranger on the transaction, while Misr Capital was the underwriter alongside Banque Misr.

The issue was co-underwritten by Commercial International Bank - Egypt (CIB) and Ahli United Bank. Alieldean Weshahi & Partners (ALC) acted as the legal advisor, while Elite Consulting Group acted as the independent financial consultant on the transaction.

It is noteworthy to mention that Sarwa Sukuk Company was the first to receive the Sukuk licence in Egypt by the Financial Regularity Authority (FRA) in July 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 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.

More From Currencies