Sarwa Capital closed fist ever 2.5 billion Egyptian pounds sukuk issuance by a non-banking financial services player in Egypt.
The sharia-compliant security carries a seven-year tenor and will be used to finance the expansion of Sarwa subsidiary Contact Credit and its affiliates.
The bonds were offered exclusively through private placement to institutional investors and received an A- credit rating by Middle East Ratings and Investors Service (MERIS).
This is only the second corporate issuance of the sharia-compliant securities after Talaat Moustafa Group closed a 2 billion Egyptian pounds sale in April.
Sarwa’s issuance was covered and guaranteed by Banque Misr and Misr Capital, and was co-underwritten by CIB and Ahli United Bank.
ALC Alieldean Weshahi & Partners was legal counsel, KPMG Hazem Hassan provided financial auditing services, and Elite Consulting Group acted as independent financial consultant.
