EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced today that it has successfully concluded an EGP 2 bn Sukuk issuance, the first in the history of Egypt – to the Arab Company for Projects and Urban Development. The Sharia-compliance Sukuk will be tradeable on EGX, subject to early redemption at the option of the borrower, and is non-convertible to shares with a tenor of 5 years. Both the Arab Company for Projects and Under Development and the Sukuk received an (A+) rating with a stable outlook by the Middle East Ratings and Investor Services (MERIS).
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.
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