Egypt : Sarwa Capital to issue EGP 2.5m worth Sukuk of Contact Finance within 2 weeks
- 04 November 2020 / News / 174 / Emerging Africa
Sarwa Capital is looking to issue sukuk of the Contact Finance company, at a value of EGP 2.5m, within two weeks. The move comes after it applied the amendments requested by the Financial Regulatory Authority (FRA) to the issuance.
Sources familiar with the process told Daily News Egypt that the company will finalise the issuance within two weeks after obtaining the FRA approval.
Sarwa Capital had signed a cooperation agreement with Banque Misr and the Misr Capital Company to guarantee, promote, and cover the financing instruments for the benefit of Contact Finance. The move came as part of the general strategy to diversify sources of financing.
The company has received requests from many financial institutions to participate in the issuance and negotiations are underway with them. This indicates that the credit rating for the issuance is being finalised, and all documents have been delivered for approval by the FRA.
The company intends to offer speculative Sukuk worth EGP 2.5bn with a maturity of seven years on one tranche. It has appointed Meris Company to prepare the credit rating for the issuance, Alieldin Weshahi & Partners as legal advisor to the management. Meanwhile, Hazem Hassan, the legal accountant for the company, has assumed the role of accountant and auditor for the issuance.
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