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Sunday, 31 July 2022

GlobalCorp plans to issue EGP 1.5 bn in securitized bonds this year

GlobalCorp plans to issue EGP 1.5 bn worth of securitized bonds in three tranches before the end of the year, Al Borsa quotes the company’s managing director, Hatem Samir, as saying. The non-bank lender late last year issued the first EGP 985 mn tranche of a EGP 5 bn securitization program, which it was aiming to complete by 2023. This would be the first bond sale since the European Bank of Reconstruction and Development (EBRD), SPE Capital, and Amethis acquired 90% of the lender in May.

GlobalCorp’s lending portfolio has now exceeded EGP 12 bn, Samir said. The company plans to lend another EGP 2.5 bn during the second half of this year, he added.

Advisors: Dreny and Partners is the firm’s counsel for the issuances, while KPMG Hazem Hassan will serve as an auditor. The firm is still in the process of hiring a financial advisor for the issuances, Samir is quoted as saying.

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