(Ecofin Agency) - Egyptian firm Sarwa Capital plans to issue sukuk bonds worth EGP2.5 billion (about $152.2 million) this year. A request in that regard is pending approval by the financial market regulator, local media reported.
Sarwa Capital also engaged talks with potential arrangers and guarantors for its operation. “One of the key criteria for selecting the promoters of the IPO is their ability to market the bond to as many people as possible,” said MD Ayman el Sawy (pictured). The securities issued will have a 7-year maturity.
If approved, the operation will be the second sukuk issue on the Egyptian financial market in 2020, after the one carried out in April by Talaat Mostafa Holdings. The amount requested was EGP 2 billion.
To date, only two Egyptian financial companies are authorized to issue sukuk. These are Sarwa Capital and EFG Hermes, which is listed on the Cairo Stock Exchange