Banque Misr appointed as paying agent for the first sukuk issued by Talaat Moustafa unit

Egypt’s second largest state lender Banque Misr has been appointed as principal paying agent for the first sukuk worth 2 billion Egyptian pounds ($127 million) issued by a subsidiary of Talaat Mostafa Group.

The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development and is sharia-compliant, is for trading and for expedited payment but will not be transferable for shares.