Back to the complete issue
Sunday, 27 November 2022

BTECH could issue its first securitized bonds by the end of the year

Electronics retailer BTECH is looking to issue more than EGP 1 bn worth of securitized bonds before the end of 2022 to finance its consumer finance operations, BTECH CEO Mahmoud Khattab said (watch, runtime: 48:36) The issuance is part of a plan to issue securitized bonds worth EGP 8-9 bn within the next five years, Khattab said.

Advisors: CIB is managing the issuance.

BTECH still sees plenty of room to grow in the domestic retail market: “We didn’t even scratch the surface,” Khattab said, adding that the company is focused on geographical expansion within Egypt, maintaining annual sales growth, and diversifying its services portfolio. The electronics giant has no plans to go public on the EGX nor to expand internationally for the foreseeable future, Khattab said, reiterating comments he made to Enterprise in an exclusive interview in October.

REMEMBER- Saudi Arabia’s sovereign wealth fund acquired a 34% stake in BTECH from Africa-focused investment firm DPI for an undisclosed sum back in October, Khattab told Enterprise.

TATWEER MISR BORROWS FROM CIB FOR FOUKA BAY

Tatweer Misr has taken out an EGP 400 mn loan from CIB to ramp up construction at its Fouka Bay project, according to a company statement. The loan is backed by finished units at the North Coast development. Tatweer Misr expects to complete its third phase next year, and the fourth phase in 2024.

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.