Talaat Moustafa to issue LE 2B bonds

CAIRO - 9 December 2019: Talaat Moustafa Holding Group announced Sunday that its subsidiary, the Arab Company for Projects and Urban Development, is working to finalize the necessary procedures towards offering financing bonds worth LE 2 billion in the coming period.

In response to a report published under the title "Talaat Mostafa is preparing a multi-issue sukuk program," Talaat Mostafa said in a statement to the Egyptian Stock Exchange that this comes in the framework of the company’s endeavor to diversify the sources of financing by entering the bond and sukuk market to finance the company's assets of recurring yield nature.

Talaat Moustafa Group Holding (TMG Holding) announced in November the hike of its consolidated profits by 9.9 percent during the first nine months of 2019, recording LE 1.37 billion, compared to LE 1.24 billion, including minority rights, in the same months of 2018.

The financial indicators showed that its revenues increased during the period of 2019 to reach LE 5.1 billion, compared to LE 4.74 billion in the same period of the prior year.

Talaat Moustafa Group Holding is a public company listed on the Egyptian Exchange (EGX) since November 2007.

TMG Holding operates within the real estate sector focusing on real estate development. It has 13 subsidiaries operating across Egypt.

The company’s capital is LE 20.63 billion that are dividend on 2.06 billion shares with a nominal value of LE 10 per share.