Egypt: B.Tech set to finalise $32mln securitisation this week

Egypt: B.Tech set to finalise $32mln securitisation this week

Egypt - B.Tech, a prominent player in the trade, distribution of home and electronic appliances, and consumer financing services in Egypt, is on track to finalise a short-term securitisation bond issuance worth EGP 1bn. This issuance is part of a larger EGP 5bn multi-issuance program and is expected to be completed by the end of the week.

CIB is spearheading the coordination and management of the issuance, with Dreny & Partners Firm serving as the legal advisor, and Egyptian Gulf Bank acting as the custodian. The issuance is currently pending financial oversight approval.

Seven financial institutions, including CIB, Al Baraka Bank, Arab Investment Bank (AIB), and entities associated with CI Capital Group, Ahli United Bank, and Al Ahli Kuwait Bank, are set to cover the entire issuance. The funds raised will be allocated to settle some of B.Tech’s credit facilities with various banks.

Earlier this year, B.Tech successfully issued securitization bonds valued at EGP 1.038bn in collaboration with CIB. The bonds were divided into three tranches, each with distinct terms, payment priorities, credit ratings, and returns, as part of the EGP 5bn securitization program.

Previously, the Saudi Egyptian Investment Company, linked to the Saudi Public Investment Fund, acquired a 34% minority stake in B.Tech