Cairo – Mubasher: Sarwa Capital said it has succeeded in closing the eighth issue of EGP 1.75 billion in securitization bonds backed by the portfolios of Contact Auto Credit and its affiliated companies.
The bonds are divided into three tranches with maturities that range between a year and 5 years, the company said in a statement.
Sarwa Promoting and Underwriting was the lead manager and financial advisor of the transaction, according to the statement.
The issue was fully underwritten and arranged by Banque Misr, the Commercial International Bank (CIB), and Arab African International Bank, the company noted.
Meanwhile, the issue was co-underwritten by Attijariwafa Bank and Ahli United Bank, the statement indicated.
Beltone Financial Holding previously announced it would manage the initial public offering (IPO) of around a 30% stake in Sarwa Capital on the Egyptian Exchange (EGX) in the fourth quarter of 2018.
The volume of the IPO is expected to stand at around $150 million and the Egyptian investment bank aims to begin Sarwa’s share sale roadshow by the end of this summer season, which will include GCC and European countries in a bid to attract foreign investment.