Egypt: Aman Holding considers issuing sukuk programme worth $16.3mln

Egypt: Aman Holding considers issuing sukuk programme worth $16.3mln

Hazem Maghazi, CEO of Business and Commercial Affairs at Aman Holding, revealed that the company considers issuing a sukuk programme worth EGP 500m during the current year.

He added that work is also underway on right transfers with one of the banks operating in Egypt, in addition to completing an expected securitization process at a value of up to EGP 500m.

Sources had revealed to Daily News Egypt earlier this month that Aman Services Company had obtained the approval of the Financial Regulatory Authority for a securitization programme.

He stressed that the group is considering selling a share of 10-15% to a strategic investor, pointing out that there are French investors who are negotiating with them.

He added, on the sidelines of a press conference, that major foreign institutions are in continuous talks with them about acquiring a stake in Aman Holding, especially GIZ, the European Bank for Reconstruction, and other institutions.

He pointed out that Aman Holding is proceeding with procedures to increase its current capital by EGP 450m, to rise from about EGP 600m currently to more than EGP1bn, with the aim of financing the expected expansions.

He explained that the shareholding in the company will remain the same after the capital increase, as