Back to the complete issue
Sunday, 7 February 2021

Management of Tamweel’s EGP 500 mn bond issuance up for grabs?

Mortgage and consumer finance company Tamweel Holdings is planning a EGP 500 mn securitized bond issuance some time in 2Q2021, managing director Mohamed El Kahkaky says. The move is likely meant to grow the company’s mortgage finance portfolio to EGP 700 mn in 2021, up from around EGP 606 mn in 2020, he added. The company has yet to decide who will manage the issuance, El Kahkaky added.

No word yet on when Tamweel will be spun off: Parent company Ebtikar is planning to spin off Tamweel and Vitas Egypt from its e-payment businesses Bee and Masary ahead of a planned IPO by Ebtikar in the second half of 2021, Omar El Labban, the IR director of majority shareholder B Investments, told Enterprise last week. El Kahkaky did not mention when the planned spin off will take place.

CATCH UP QUICK-

  • Zamalek FC’s board caught another “L” courtesy of the Administrative Court, which reaffirmed the suspension of the board and its chairman Mortada Mansour, Al Masry Al Youm reports.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.