CIRA to offer EGP 600m Sukuk in December, with Hermes acting as issuance manager
Published 23 Nov,2020 via Daily News Egypt - The Cairo for Investment and Real Estate Development (CIRA) will offer EGP 600m worth Sukuk Al-Mudarabah in December, with EFG Hermes acting as the issuance manager, official sources told Daily News Egypt on Monday.
The sources said that the company is currently completing the offering documents with the Financial Regulatory Authority (FRA). CIRA aims to complete the offering before the end of the year, to finance its expansion in the field of education.
In the Sukuk Al-Mudarabah, the Sukuk holders are entitled to a pre-agreed share of the profits and bear the losses in proportion to their respective share in the capital, if any, unless such loss is a result of the negligence of the issuer.
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Daily News Egypt