The return of Coupon No 22 of the seventh issuance, Tranche (B) of Al-Rehab bonds from Talaat Moustafa Group (TMG) revealed strong investment returns for bondholders, with a return of about 12.7%.
The coupon return was due and collected by bondholders on 10 June 2020, while the bonds mature in August 2021.
Real estate developer Hisham Talaat Moustafa, the developer behind Madinaty and Al-Rehab, is a pioneer in Egypt’s real estate market. He established the Al-Rehab Securitization Company in 2008, with the aim of issuing bonds guaranteed by the securities portfolio to contribute to financing real estate projects.
The list, topped by TMG, includes the Arab Development Company, the Alexandria Investment Company, and the San Stefano Real Estate Investment Company, all of which are affiliated to TMG.
The Group achieved a strong financial performance during the first quarter (Q1) of 2020. The company’s quarterly profits increased to EGP 375.3m, compared to EGP 361.2m in the same period in 2019, with a growth rate of 4% according to the company’s financial statements.
This reinforced the rise in the company’s revenues from real estate units sold with a 9.6% rate at the end of Q1, reaching EGP 1.3bn at the end of last March, compared to about EGP 1.2bn in March 2019.
The balance of sales of units that had not been delivered to their customers reached EGP 49.3bn at the end of last March, which would generate revenues of EGP 40.8bn over the next four years.