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Egyptians for Healthcare Services closed Egypt’s first sustainability-linked musharaka sukuk, raising EGP 2.4 bn to finance its Capital Med project, according to a statement (pdf).
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A double first: The issuance marks Egypt’s first sustainability-linked musharaka sukuk and its first for a greenfield company in the healthcare industry.
About the project: Badr City’s medical city Capital Med is a 144-acre, fully integrated healthcare city, which will house over 4k beds, 700 ICUs, and 70 operating rooms, serving over 5 mn patients a year. It will employ over 25k healthcare professionals. It aims to play a part in the government’s ambitions to make Egypt a medical tourism hub.
Who bought in? Al Ahly Pharos, National Bank of Egypt, Suez Canal Bank, and Al Baraka Bank acted as the transaction’s underwriters. Abu Dhabi Commercial Bank and the Industrial Development Bank participated in the issuance.
ADVISORS- Al Ahly Pharos acted as the financial advisor, lead manager, and bookrunner. The National Bank of Egypt acted as the placement agent, and the Suez Canal Bank served as the payment agent. Zulficar & Partners provided counsel, while Baker Tilly was the auditor.
PREMIUM CARD RAISES EGP 224 MN IN SECURITIZATION ISSUANCE-
Premium International for Financial Services — often known by its sole product Premium Card — closed a EGP 224 mn securitization bond issuance, its fourth under an EGP 2 bn, three-year program, according to a statement (pdf) from Dreny & Partners, which provided counsel on the transaction. The issuance was backed by a receivables portfolio assigned by Premium International.
The details: The issuance came in two tranches, rated P1 and A- by the Middle East Ratings and Investors Service.
ADVISORS- Our friends at EFG Hermes acted as the financial advisor, lead arranger, and underwriter, while the Arab African International Bank acted as the underwriter, custodian, and bookrunner. KPMG was the auditor.
