Sarwa, state-backed Al Taamir to team up on securitization
Sarwa Capital will partner with state-affiliated securitization outfit Al Taamir to manage and promote securitized bond sales for the private sector, Al Taamir Chairman Mazen Hassan said in an interview with Hapi Journal. The two will begin by collaborating on Palm Hills Development’s planned EGP 650 mn issuance, which Hassan said last month will be led by Al Taamir when it goes to market in 1Q2021. Al Taamir, set up by the New Urban Communities Authority (NUCA) in 2008 to help the body arrange financing, is also in talks with real estate developers and contractors contemplating securitized bond sales, including City Edge, Misr Italia, Redcon Construction, and Hyde Park Developments, as well as with major local banks to bring them on board as primary custodians, Hassan said.
How will the partnership work? Sarwa will be the designated lead manager on securitized bond sales for other private sector players while Al Taamir will be in charge of promotion.