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Sunday, 8 August 2021

Tamweel eyes debt market

A banking syndicate led by CIB is gearing up to take to market securitized bonds worth EGP 1.1 bn for Tamweel Holdings, Al Shorouk reports, citing unnamed sources with direct knowledge of the transaction. The mortgage and consumer finance company is mulling two issuances of securitized bonds for its real estate and financial leasing arms, each of which is worth EGP 550 mn, the sources said, without specifying an estimated timeframe for the issuances.

Tamweel is owned by Ebtikar, which had transferred the former company's shares to a new parent company earlier this year as part of plans to spin off businesses unrelated to e-payments ahead of its planned IPO in 4Q2021.

OTHER DEBT NEWS- Real estate company Qatari Diar’s subsidiary East Gate developments has obtained regulatory approval to borrow EGP 12 bn from an unnamed Egyptian state-owned bank, sources in the know told Al Shorouk. East Gate will use the facility to finance its East Cairo real estate project CityGate.The company has completed payment of some EGP 530 mn to the government for the land and can now use it as collateral for the loan, the sources said.

Qatari Diar recently resumed work on its CityGate project after the New Urban Communities Authority (NUCA) approved its license to continue work on the project earlier this year following a four-year dispute over the developer allegedly changing the terms of the contract by selling stakes in the project to other shareholders without permission from the regulator. NUCA had demanded an EGP 1.3 bn fees and fines. The case was overturned when the administrative court ruled that mergers or acquisitions between real estate joint stock companies have no legal bearing on these companies’ legal status.

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