Securitization Bonds
The company obtained the approval of the Financial Regulatory Authority (FRA) on July 25, 2021 to proceed with the implementation of the program.
The deal represents the company's first issuance of securitized bonds this year, after two issues last year as part of the two-year short-term securitization bond program for Premium International.
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.
Omran stated that their financing portfolios vary between real estate financing, financial leasing, and consumer financing.
Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the NBE, said in a statement Thursday that the bank is keen to expand non-bank debt instruments, stressing that his bank is exerting the necessary effort and care to meet the needs of the bank’s customers in various sectors that positively affect the wheel of the national economy.
The securitization bonds worth LE 343 million are secured by a portfolio of notes worth LE 384 million, representing the value of the special future installments of 753 units that were delivered in the Eastown Residences project in East Cairo, and the Caesar project in the North Coast.
Work will be done to obtain the approval of the Board of Directors of Aman Financial Services Company, the company's general assembly, and all other regulatory and governmental approvals prior to the completion of the securitization process to be carried out.
The company added in a statement today, Tuesday, that it played the role of the single-issue manager and financial advisor in the first issue amounting to LE 700 million.
