Raya Holding's subsidiary considers issuing LE 600M securitization bond

CAIRO – 21 February 2021: Raya Holding Company for Financial Investments said that its subsidiary, Aman Financial Services, is considering issuing securitization bonds worth LE 600 million.

Raya added in a statement to the Egyptian Exchange (EGX), that 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.

In response to the publication in a newspaper under the title "Aman Financial Services in the process of launching a new securitization process worth LE 600 million," the company stated that one of Aman's activities for financial services is to create consumer finance portfolios and proceed with case operations for those portfolios through the issuance of securitization bonds to finance the company's needs. From various sources.

Raya Holding for Financial Investments achieved, during the first nine months of 2020, net losses amounting to LE 53.69 million, compared to losses of LE 58.16 million during the same period of 2019, taking into account the rights of the minority.

Activity revenues increased during the first nine months of 2020 to LE 7.55 billion, compared to LE 6.518 billion during the same period of the previous year.

As foe standalone results, the company turned to losses during the period, recording losses of about LE 36.87 million, compared to profits of LE 136.3 million pounds in the comparative period last year.

Raya operates within the Software and Services sector focusing on IT Consulting and Other Services.