Tarek Fahmy, CEO and Managing Director of Al-Tawfeek for Financial Lease Company (AT Lease), has announced that the company completed the second securitisation bonds issuance with a total value of EGP 1.087bn.
In a statement to the Egyptian Exchange (EGX), on Wednesday, the company said that the proceeds of the securitisation process will be used to strengthen the company’s financial position.
It will also go towards supporting future growth plans, whilst maximising profitability and return on property rights.
According to the statement, Banque Misr’s investment arm, Misr Capital, played the role of issuance manager, financial advisor, arranger, and promoter of the main issuance.
It was also guarantor of the underwriting coverage for the second issuance of Al-Tawfeek for Securitization, secured by a future financial rights portfolio for financial leasing contracts, transferred by Al-Tawfeek for Financial Lease.
The company indicated that the issuance was completed in cooperation with Banque Misr as arranger, in addition to Misr Capital, Suez Canal Bank, Commercial International Bank, and Attijariwafa Bank – Egypt to guarantee coverage of the issuance.
According to the statement, Banque Misr received the subscription, while Alieldean Weshahi & Partners (ALC) acted as the legal advisor for the issuance. Baker Tilly Wahid Abdel Ghaffar & Co acted as auditor.
