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Sunday, 19 July 2020

Amer Group is looking to get on Egypt’s corporate sukuk bandwagon

DEBT WATCH- Amer Group is looking to get on the corporate sukuk bandwagon, having signed consumer- and structure-finance player Sarwa Capital and Misr Capital Investments, Banque Misr’s investment arm, as advisors on a potential corporate sukuk issuance, according to a bourse disclosure (pdf). The issuance would be Amer Group’s first. Sarwa and Misr Capital will act as financial advisors for the issuance, including laying out a plan for the size, timing, and strategy for the offering, as well as taking it to market.

Background: Talaat Moustafa Group concluded Egypt’s first corporate sukuk in April with a EGP 2 bn offering. A senior Financial Regulatory Authority official said at the time that five other sukuk offerings worth a combined EGP 5 bn were in the pipeline for this year. It is unclear whether Amer Group’s issuance was among them. Sarwa also said last week that it had submitted the prospectus for a single-tranche EGP 2.5 bn sukuk issuance.

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