Egypt's NATCO appoints Beltone as financial advisor on bond offering

Also mulls listing shares on EGX to fund operations

  
Workers are seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. Image used for illustrator purpose

Workers are seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. Image used for illustrator purpose

REUTERS/Amr Abdallah Dalsh

Egypt’s National Automotive Company (NATCO) has signed an agreement with Beltone Investment Banking, an affiliate of Beltone Financial, to act as its financial advisor for a 1 billion Egyptian pounds ($64,000) bond offering on the Egyptian Exchange (EGX), a portion of which will be allocated for the issuance of green bonds.

The bonds will be used to finance expansion in the electric vehicle (EV) sector, manufacturing car chargers, establishing charging stations, distribution, and after sales spots, a statement issued by Beltone said.

The agreement will also consider listing a portion of the company’s shares on the EGX in an initial public offering (IPO) to increase unlock financing of its current and future operations.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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