Upper Egypt Contracting, its sister companies issue securitization bonds worth LE331.6M

CAIRO - 2 January 2022: The Financial Regulatory Authority (FRA) approved the first issuance of securitization bonds for the Upper Egypt General Contracting and Real Estate Investment Company and its sister companies, with a total value of LE 332.69 million.

The company stated in a filing to the Egyptian Exchange (EGX), Sunday, that the FRA approved the issuance of securitization bonds for the general level of contracting with a value of LE 31.05 million, and for its sister companies, with a value of LE 301.64 million.

The securitization bonds aim to provide current cash flow for the company's expansion in the volume of its activity to meet its development needs in the field of real estate development.

It added that EFG Hermes acted as the financial advisor, arranging manager, promoter and underwriter for the issue.

The Upper Egypt General Contracting and Real Estate Investment Company achieved profits of LE 67.03 million during the period from January to the end of September 2021, compared to profits of LE 78.73 million in the comparative period of 2020.

The company's activity revenues rose during the period to LE 1.01 billion at the end of last September, compared to revenues of LE 637.05 million in the comparable period last year.

The company achieved standalone profits during the period, amounting to about LE 67.08 million at the end of September 2021, compared to profits of LE 79.11 million in the comparable period of 2020.