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Amer Group to issue EGP 1.25bn in securitisation bonds next month - Daily News Egypt

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Amer Group to issue EGP 1.25bn in securitisation bonds next month

The sources added that the company is currently finalising documents with the Financial Regulatory Authority (FRA) that are required to issue the bonds.


Sources have told Daily News Egypt that Amer Group will implement a securitisation of bonds worth EGP 1.25bn next month, with the participation of several banks and the management of EFG Hermes.

The sources added that the company is currently finalising documents with the Financial Regulatory Authority (FRA) that are required to issue the bonds.

Amer Holding Group announced in June that it had signed a protocol with EFG Hermes Financial Group to promote subscriptions, to manage the securitization process and set the conditions for the issue. This would also set the method of offering after the completion of the due diligence procedures, and coordination with all the issuance parties, as well as promotion and marketing to create a request that could cover the subscription In the subtraction.

The company said, “The securitisation of the debt portfolio will contribute to providing cash flows that the company needs to reinvest.”

The consolidated financial statements of Amer Holding Group showed that during the first nine months of 2020. At the same time, its profits declined by 75% on an annual basis, reaching EGP 9.98m during the nine months ending last September, compared to EGP 39.38m in 2019, considering minority rights.

The company’s revenues during the period amounted to EGP 897.86m compared to revenues of EGP 1.002bn in the comparative period of 2019.

Topics: Amer Group bonds

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https://dailyfeed.dailynewsegypt.com/2020/11/11/amer-group-to-issue-egp-1-25bn-in-securitisation-bonds-next-month/
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