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Wednesday, 12 February 2020

CIAF to submit prospectus for USD 50 mn sukuk issuance to the FRA within 2 weeks

DEBT WATCH- CIAF to submit prospectus for USD 50 mn sukuk issuance to market regulator within two weeks: Aircraft leasing company CIAF will be ready to submit a prospectus for its USD 50 mn sukuk issuance to the Financial Regulatory Authority (FRA) within two weeks, the local press reports, citing sources familiar with the matter. The company is in the process of amending the prospectus after putting the issuance on hold following shareholder concerns over dividend payments and changes in the board’s structure.

Where does the proposal currently stand? Al Tamimi & Company is currently ironing out the final changes before a CIAF general assembly is held to approve the prospectus and submit it to the FRA.

Background: News of the first sharia-compliant corporate bond offering in Egypt came in December 2019 when CIAF announced plans for a USD 50 mn issuance. The offering will be sold in two tranches: USD 7 mn in 3-year sukuk will be offered locally, and a larger USD 43 mn tranche of 5-8-year bonds will be open to both local and foreign investors.

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