Back to the complete issue
Sunday, 6 May 2018

Palm Hills, Sarwa Capital close EGP 261 mn securitized bond issuance

Our friends at Sarwa Capital have closed a EGP 261 mn securitized bond issuance for Palm Hills Development (PHD), according to a statement to the EGX (pdf). The issuance is part of a EGP 346 mn receivables portfolio from PHD’s Palm Hills Katameya Extension, Palm Parks, and Hacienda White 2, the company said in a release (pdf). PHD plans to use the proceeds to pre-pay its existing debt. The offering is the first tranche of a EGP 560 mn issuance, with another EGP 300 mn tranche expected to follow at an unspecified time. Sarwa Capital was tapped in 2016 to manage the transaction, while CIB and Attijariwafa Bank were chosen as preliminary underwriters.

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.