Back to the complete issue
Monday, 7 March 2022

Misr Italia eyes EGP 700 mn securitized bond sale in 4Q 2022

Misr Italia Properties is looking to issue securitized bonds worth EGP 700 mn during 4Q2022, Al Shorouk quoted CEO and Managing Director Mohamed Hany El Assal as saying. The issuance would be the second tranche of the property developer’s EGP 2.5 bn securitization program. The first EGP 794 mn tranche closed late last month.

The company is also in talks with several banks for an EGP 1.2 bn loan alongside the securitization, El Assal reportedly said, adding that our friends at EFG Hermes is advising on both the potential loan and the securitization.

OTHER DEBT NEWS- Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market within the next three weeks, Al Borsa reported yesterday, after the company’s board of directors gave its go-ahead last week. The sale, which would mark Egypt’s first corporate sukuk of 2022, will finance the real estate developer’s Badya project.

Advisors: The sale will be managed by Contact Financial Holdings’ sukuk arm, and the company has appointed Banque Misr and its investment arm Misr Capital as underwriters and promoters for the issuance. Our friends at ALC Alieldean Weshahi & Partners are legal advisors, while KPMG Hazem Hassan is serving as auditor.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.