Raya’s Aman to tap debt market this year
Raya Holding subsidiary Aman intends to issue EGP 500 mn of securitized bonds before the end of 2021, a source at Raya told us, confirming a story in Al Mal. The bonds will be issued by consumer finance company Aman Financial Services and will be sold by the special purpose vehicle Aman Securitization, which is expected to begin operating in the upcoming few days after finalizing the required legal procedures.
Aman had previously offered securitized bonds worth at least EGP 562 mn by three of its subsidiaries, Aman For Financial Services, Aman Microfinance and Raya Electronics. The company had said earlier this year that it planned to sell EGP 600 mn in securitized bonds in 1Q2021 to fund its expansion plans.
Aman is still on track for an IPO that could see its shares debut on the EGX anytime starting late 2021 or 2022, sources told the local press in January, a week after the National Bank of Egypt acquired a 24% stake in the company.
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