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Sunday, 7 February 2021

Management of Tamweel’s EGP 500 mn bond issuance up for grabs?

Mortgage and consumer finance company Tamweel Holdings is planning a EGP 500 mn securitized bond issuance some time in 2Q2021, managing director Mohamed El Kahkaky says. The move is likely meant to grow the company’s mortgage finance portfolio to EGP 700 mn in 2021, up from around EGP 606 mn in 2020, he added. The company has yet to decide who will manage the issuance, El Kahkaky added.

No word yet on when Tamweel will be spun off: Parent company Ebtikar is planning to spin off Tamweel and Vitas Egypt from its e-payment businesses Bee and Masary ahead of a planned IPO by Ebtikar in the second half of 2021, Omar El Labban, the IR director of majority shareholder B Investments, told Enterprise last week. El Kahkaky did not mention when the planned spin off will take place.

CATCH UP QUICK-

  • Zamalek FC’s board caught another “L” courtesy of the Administrative Court, which reaffirmed the suspension of the board and its chairman Mortada Mansour, Al Masry Al Youm reports.

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