Egypt's Contact Financial announces closure of second sukuk issuance
Published 27 Jul,2021 via Daily News Egypt - Contact Financial Holding has announced the successful closure of its second sukuk issuance of EGP 2.5bn by its subsidiary, Sarwa Sukuk Company.
The issue is an Islamic Sharia compliant seven-year Mudaraba Sukuk, and received a high credit rating of A- by the Middle East Ratings and Investors Service (MERIS). The proceeds will be used to further expand Contact Credit and its affiliate companies.
This issue is the second transaction which brings the total Sukuk issues of Contact Financial to EGP 5bn. It underlines the group’s strong financial position and its ability to diversify its funding sources to capture growth opportunities and solidifies its strategic position in developing innovative financing structures in the Egyptian debt capital market.
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Daily News Egypt