EFG Hermes, the leading financial
services corporation in Frontier Emerging Markets (FEM), announced today that
it has successfully concluded an EGP 600 million Sukuk issuance for Cairo for
Investment and Real Estate Development (CIRA), one of the largest private
educational groups in Egypt.
The Shariaa-compliant Sukuk will
be tradeable on the EGX, subject to early redemption at the option of the
borrower, and non-convertible to shares with a tenor of 7 years. Both CIRA and
the Sukuk received an A rating and a stable outlook by the Middle East Ratings
and Investor Services (MERIS).
Mostafa Gad, co-head of
investment banking at EFG Hermes commented, “We are glad to conclude the year
with another debt capital market transaction, coming in as the tenth deal in
2020. I am particularly proud of the team as their efforts continue to drive
the growth of our DCM franchise across various industries.”
CIRA’s notable Sukuk issuance,
based on an Ijarah structure, is considered the first Sukuk issuance in the Egyptian
education sector. Having been covered 2.3 times, it has generated substantial
interest that allowed the subscription
period to open and close on the same day.
EFG Hermes has acted as sole
financial advisor, sole global coordinator, sole lead arranger, and sole
bookrunner; while EFG Hermes Sukuk S.A.E. acted as the originator/issuer. Four
banks were appointed as underwriters, namely Ahli United Bank, Banque du Caire
(BdC), National Bank of Egypt (NBE), and Suez Canal Bank.
“We highly value our continued
partnership with CIRA, and are pleased to have advised the company on its first
Sukuk issuance only two years after the successful conclusion of its initial
public offering on the EGX in October 2018. This is a testament to our consistent
commitment to our clients on both equity and debt fronts, which allows us to
maintain sustainable relationships and build a strong foundation to achieve
mutual short- and long-term successes,” concluded Gad.
-- Ends --
About EFG
Hermes
With a current footprint spanning thirteen countries
across four continents, EFG Hermes started in Egypt and has grown over 35 years
of success to become a leading financial services corporation with access to
emerging and frontier markets. Drawing on our proven track record and a team of
more than 5,500 talented employees, we provide a wide spectrum of financial
services that include investment banking, asset management, securities
brokerage, research, and private equity to the entire MENA region.
In 2015, EFG Hermes launched the NBFI Platform, EFG
Hermes Finance, which overlooks activities in the non-banking finance field
through EFG Hermes Corp Solutions, Tanmeyah Microfinance, valU, as well as
lines of business in the payment solutions, mortgage, and insurance spaces.
This falls in line with the Firm’s strategy to focus on two main pillars:
product diversification and geographic expansion into non-MENA markets, which
has seen the firm establish a physical presence in Pakistan, Kenya, Bangladesh,
Nigeria, Vietnam[i], the United Kingdom
and the United States.
Learn more about us at www.efghermes.com and stay connected with us: 
For further information, please contact:
EFG Hermes Media
May
El Gammal
Group Head of Marketing & Communications
Note on Forward-Looking Statements
In this press release, EFG
Hermes may make forward looking statements, including, for example, statements
about management’s expectations, strategic objectives, growth opportunities and
business prospects. These forward-looking statements are not historical facts
but instead represent only EFG Hermes’ belief regarding future events, many of
which, by their nature are inherently uncertain and are beyond management’s
control and include among others, financial market volatility; actions and
initiatives taken by current and potential competitors; general economic
conditions and the effect of current, pending and future legislation,
regulations and regulatory actions. Accordingly, the readers are cautioned not
to place undue reliance on forward-looking statements, which speak only as of
the date on which they are made.
We use cookies to collect information about how you use our website. And we use the information derived from such cookies to ensure the functionality of our website and to enhance our services.
