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Tuesday, 21 January 2020

Talaat Moustafa Group to launch sukuk program in April

DEBT WATCH– Talaat Moustafa to launch sukuk program in April: Talaat Moustafa Group (TMG) will kick off its three-year EGP 4.5-5 bn sukuk program in April, CEO Hisham Talaat Moustafa told Habi Journal, without disclosing the size of the initial issuance. Sources told the press in December that the company could move to issue EGP 2 bn in sukuk in January to finance the company’s real estate leasing projects. EFG Hermes will reportedly lead a EGP 1 bn sukuk issuance for the company after obtaining a license from the Financial Regulatory Authority (FRA). This would make it the second financial institution in Egypt to set up a specialized arm for issuing the sharia-compliant bonds.

Background: The FRA released sukuk regulations last April which oblige companies to obtain approval by a religious committee before offering sukuk on the market. Companies must issue a minimum EGP 50 mn in sukuk, while the maximum offering will be determined on a case-by-case basis based on the company’s credit rating and the purpose of the issuance.

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