Back to the complete issue
Sunday, 26 August 2018

Sarwa closes EGP 1.75 bn securitized bond issuance

Our friends at Sarwa Capital announced yesterday they had completed a EGP 1.75 bn securitized bond issuance “backed by the portfolios of Contact Auto Credit and its affiliate companies,” according to a company press release (pdf). Sarwa Promoting & Underwriting was the transaction’s lead manager and financial advisor, while Arab African International Bank acted as underwriter, with Attijariwafa and Ahly United Bank as co-underwriters. Arab Legal Consultants were legal counsel. “We are excited to announce the closure of another milestone transaction immediately following the recent EGP 2 bn issue during the second quarter,” said Sarwa Promoting & Underwriting CEO Ayman El Sawy. “As before the bonds have attracted the highest ratings on the back of our unique structuring know-how and the sustained credit quality of Contact’s portfolios.” We had reported last month Sarwa plans to offer for sale up to 40% of the company’s shares on the EGX in September.

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.