Valu back with another securitization issuance: EFG Holding’s fintech arm Valu has closed an EGP 888 mn securitized bond issuance, the company announced in a statement(pdf). The issuance was backed by an EFG for Securitization receivables portfolio with a six-month tenor tranche rated prime 1 and another 12-month tenor tranche rated prime 2.

No. 8: The issuance, which is part of an extended EGP 9 bn securitization program, brings Valu’s total securitizations to eight, following a EGP 953 mn issuance in December.

Valu is just getting started: The company plans to issue a total of EGP 4 bn worth of securitized bonds this year, Valu CEO Walid Hassouna said earlier this month.

Who subscribed? Arab Banking Corporation and Al Ahli Bank of Kuwait were among thesubscribers to the issuance. Our friends at EFG Hermes and the Arab African International Bank (AAIB) acted as underwriters.

Advisors: EFG Hermes was also the sole financial advisor and sole transaction manager. Baker Tilly acted as auditor, the AAIB was the custodian bank, and Dreny & Partners was counsel.

What they said: “By strengthening our financial base, we are reaffirming our commitment to cementing Valu as a leading financial technology powerhouse, delivering comprehensive financial solutions tailored to meet the evolving needs of our customers,” said Valu CFO Shokry Bidair.

ICYMI: Valu is also planning to offer up to 25% of its shares on the EGX within a year, Hassouna said last week. On top of this, the company also expects to launch its services in Jordan sometime between late 2024 and early 2025 and aims to increase its net income by 117% this year to EGP 500 mn. It also aims to increase transactions carried out through its platform to reach EGP 13 bn, up 41% from the year before.

DATA POINT: Companies have raised nearly EGP 7 bn from securitization so far this year,according to data tracked by Enterprise.

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