Egypt’s Financial Regulatory Authority approved the first issuance of sukuk, or Islamic bonds, worth 2 billion Egyptian pounds ($127 million) by a subsidiary of Talaat Mostafa Group, it said in a statement on Wednesday.
The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development, will be available for trading and for expedited payment but will not be transferable for shares, the authority said.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each Egyptian pound worth of securities being sold.
EFG Hermes acts as the sole financial advisor, coordinator, sole promoter, and underwriter of the deal. It is also the issuing company.
Talaat Mostafa Group is Egypt’s largest listed real estate developer. The new sukuk period is for 57 months, up to the end of 2024.
Source Reuters