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Tuesday, 24 March 2020

CIAF Leasing delays EGP 50 mn sukuk issuance on covid-19 headwinds

Aviation leasing company CIAF has decided to postpone its EGP 50 mn sukuk issuance to 4Q2020 due to the current uncertainty caused by the covid-19 pandemic, the local press reported the company’s chairman as saying. The airline industry is coming under significant pressure as countries worldwide close airports and suspend passenger flights, causing the company to lose around USD 500k a month, Chairman Hassan Mohamed said. The company will review its plans to issue sukuk in the next three months, he said, adding that he expected the sale to go ahead in 4Q2020 to coincide with the receipt of new aircraft.

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