Central Bank of Egypt (CBE) Governor Hisham Ramez revealed that Suez Canal investment certificates collected nearly EGP 8.5 billion on the second day, so the total value of proceeds in two days reached around EGP14.5 billion, noting that turnout for the certificates beat expectations in all governorates.
The five-year investment certificate will have a 12% interest rate and quarterly dividends every 3 months in 10, 100, 1000 categories through coordinating between the issued banks and the revenues of other banks through the four banks which spread across republic, Ramez added.
Ramez indicated that such tremendous turnout reflects people’s keenness on the success of the new Suez Canal project launched by President Abdel Fattah El Sisi.
34 banks inked protocols with the four banks which offered Suez Canal certificates to participate in offering the certificates for their clients started from yesterday Sunday.
The 1000 denomination certificate’s buyer can get return every 3 months and the yield is calculated starting from the day following the purchase of the certificate, and the customer can borrow 90% of the size of the investment certificate from the same bank.
Investors cannot take their money until after one year from IPO date as after one year, the client will retrieve money but less than the interest rate which set forth in IPO’s conditions.
