Al Tawfeek Leasing to begin offering three new financing services next year

Al Tawfeek Leasing Co. (AT Lease) plans to begin offering leasing services for SMEs, structured financing services, and establishing a factoring arm next year, CEO Tarek Fahmy announced on Monday, Al Borsa reports. The company is also set to sign a EGP 100 mn credit line with an unnamed bank within days under the CBE initiative, according to Fahmy. AT Lease is also currently studying how to ensure its planned factoring arm is Sharia-compliant. Book-building for AT Lease’s IPO of 24% of its shares began yesterday. Pharos Holding is the sole bookrunner and coordinator for the IPO.