TMG sukuk to be listed on EGX on Sunday
TMG sukuk to be listed on EGX on Sunday: Talaat Moustafa Group’s EGP 2 bn sukuk issuance will be listed on the EGX after the exchange’s securities registration committee yesterday gave its approval, the bourse said in a disclosure on Wednesday. The sukuk will be listed on the exchange to be publicly-traded on Sunday, 27 September, it said.
About the offering: The first of its kind in Egypt, the offering was issued in April by TMG subsidiary the Arab Company for Projects and Urban Development, and was 2.5x oversubscribed during the private placement, with Banque Misr, Banque du Caire and Suez Canal Bank snapping up 97.25% of the issuance. Certificates carry a 57-month tenor, maturing at the end of 2024, and each will have a nominal value of EGP 100. TMG had announced plans earlier this year to launch a three-year EGP 4.5-5 bn sukuk program to finance the company’s real estate leasing projects.
IN OTHER INDUSTRY NEWS- Amendments to the Sukuk Act have been completed by the Finance Ministry and sent to the cabinet for approval, Finance Minister Mohamed Maait said on Tuesday, without elaborating. The legislation is on track to be sent to parliament in November, Maait said. The bill, which when passed will enable the government to begin issuing sovereign sukuk, was drafted back in February.