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Shams Housing securitises EGP 150m of clients' debt to Egyptian Arab Land Bank - Daily News Egypt

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Shams Housing securitises EGP 150m of clients’ debt to Egyptian Arab Land Bank

Galal said that a portfolio of nearly EGP 100m has already been securitised, with the remaining EGP 50m debt portfolio to be securitised soon.


El Shams for Housing and Building is carrying out an EGP 150m securitisation of its debt portfolio, according to Mohamed Galal, the company’s Managing Director for Financial and Administrative Affairs. 

Galal said that a portfolio of nearly EGP 100m has already been securitised, with the remaining EGP 50m debt portfolio to be securitised soon.

He said that a financial portfolio of EGP 50m owned by the company will be sold to the Egyptian Arab Land Bank (EALB). This will take place through a transfer of the company’s financial rights to the bank, resulting from the sale of units in the company’s projects in instalments.

Galal said that securitisation operations contribute to providing the company with the liquidity needed to complete its real estate projects.

El Shams for Housing and Building is currently implementing the Solana project in the New Administrative Capital (NAC) on an area of 38 feddan, and comprised of 26 buildings totalling 1,580 housing units. It will include a commercial mall covering an area of 2,200 sqm, a mosque, a nursery, a social club on 7,194 sqm, and a recreation area spanning 5,440 sqm.

The company is targeting sales ranging between EGP 500m and EGP 600m from the project.

El Shams for Housing and Building achieved profits of EGP 73.6m during the first half (H1) of 2020, compared to profits of EGP 73.9m in the comparative period of 2019. The company’s revenues increased during H1 of 2020 to EGP 147.4m, compared to EGP 108.6m in the comparative half of last year.

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https://dailyfeed.dailynewsegypt.com/2020/09/16/shams-housing-securitises-egp-150m-of-clients-debt-to-egyptian-arab-land-bank/
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