Halan Issues Securitization Bonds Worth EGP 971.5M In Collaboration With CIB
Date
1/10/2024 2:42:22 PM
(MENAFN- Daily News Egypt) Halan for consumer finance has announced the issuance of securitization bonds worth EGP 971 in collaboration with the Commercial International bank (CIB). The company press release on Tuesday said that the bonds were issued in six different tranches, based on repayment priority, credit rating, and yield rate. This issuance is part of a bond programme totalling EGP 3bn over three years, following the company's approval by the financial Regulatory Authority.
Halan aims to provide advanced and technological services for all segments of the Egyptian market, offering innovative financial solutions to enhance financial inclusion through its application. Mounir Nakhla, Co-founder and CEO of MNT-Halan, stated that the company envisions boosting financial inclusion, enabling individuals to access convenient and fast financial services using technological applications.
Amr El-Ganainy, Deputy CEO and Managing Director of Commercial International Bank – Egypt, emphasized that the success of Halan's third issuance of treasury bonds reflects investors' confidence in the company's business model. He said that the bank has completed 11 issuances of treasury bonds totalling EGP 46bn since the beginning of 2023.
Manal Awadallah, Head of Bonds and Syndicated Loans Management at Commercial International Bank – Egypt, noted that the bank has executed all previous offerings for Halan company, totalling EGP 3bn. She said that the first issuance closed at EGP 978m in December 2022, and the second issuance at EGP 1.04bn in September 2023. She added that Commercial International Bank served as the financial advisor, manager, underwriter, and promoter, with Matouk Bassiouny & Partners acting as the legal advisor for the offering, Hazem Hassan for accounting and auditing (KPMG) as the issuance's accounts supervisor, and GB Capital as the custodian.
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