|20 November, 2019

Egypt's Raya Holding mulls $44mln securitised bond issue

Raya Holding is expected to issue the securitised bonds by H1-20

A trader reacts next to a stock index board at the Egyptian Stock Exchange in Cairo August 11, 2011.

A trader reacts next to a stock index board at the Egyptian Stock Exchange in Cairo August 11, 2011.

REUTERS/Amr Abdallah Dalsh

Cairo –  Raya Holding for Financial Investment (Raya Holding) is considering the issuance of a new securitised bond worth EGP 700 million, the company’s chief financial officer (CFO) Hossam Hussein said.

Raya Holding is expected to issue securitised bonds by the first half of 2020 in collaboration with the Commercial International Bank (CIB) and the National Bank of Egypt (CBE) as co-managers of the transaction, Hussein told Mubasher on the sideline of a press conference on Tuesday.

Earlier, the CFO said in an interview with Mubasher that the EGX-listed firm aims to issue securitised bonds worth EGP 1 billion by next year over two phases; one worth EGP 700 million in H1-20 and the other worth EGP 300 million in H2-20.

Previously, Raya Holding’s Raya Electronics, Aman Financial Services, and Aman Micro Enterprise Services issued a securitisation bond worth EGP 500 million.

It is noteworthy that during the first nine months of 2019, Raya Holding incurred net losses of EGP 58.16 million, against net profits of EGP 58.6 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher Exclusive

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