{"id":563872,"date":"2021-07-27T04:00:07","date_gmt":"2021-07-27T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/contact-makes-first-sukuk-sale-this-year\/"},"modified":"2021-07-27T04:00:07","modified_gmt":"2021-07-27T04:00:07","slug":"contact-makes-first-sukuk-sale-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/contact-makes-first-sukuk-sale-this-year\/","title":{"rendered":"Contact makes first sukuk sale this year"},"content":{"rendered":"

<\/a> Contact closes its second EGP 2.5 bn sukuk offering:<\/strong> Contact Financial Holding, formerly Sarwa Capital Holding, has closed its second sukuk issuance worth EGP 2.5 bn, the company said in a statement (<\/a>pdf<\/a>)<\/a>. The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of Contact Credit and its subsidiaries. The security received a credit rating of A- by Middle East Ratings and Investors Service.<\/p>\n

This brings Contact\u2019s total sukuk issuances to EGP 5 bn<\/strong> after closing a EGP 2.5 bn offering<\/a> last November.<\/p>\n

The issuance is the first sukuk sale to take place in Egypt this year<\/strong> and the fourth since the Financial Regulatory Authority adopted the regulatory framework in 2019. In addition to Contact\u2019s two sales, Talaat Moustafa Group<\/a> and private education outfit CIRA<\/a> also took sukuk to market last year<\/p>\n

More sukuk sales to follow (we just don\u2019t know when)<\/strong>: Contact is cooperating with others, mainly real estate developers, to manage sukuk issuances worth EGP 5-7.5 bn<\/a> through its sukuk arm, the Sarwa Sukuk Company. The planned offerings include a EGP 5.5 bn sale for Palm Hills Development, a EGP 3 bn issuance for Hassan Allam Properties, and a EGP 1.1 bn offering for Amer Group. In June, Wadi Degla Developments also revealed plans for a sukuk issuance worth some EGP 2 bn<\/a> through Contact. It remains unclear when the companies plan to market the securities.<\/p>\n

Advisors<\/strong>:The issue was co-underwritten by CIB and Ahli United Bank. Sarwa Promotion and Underwriting, a subsidiary of Contact, was assigned as lead manager and arranger on the transaction. Misr Capital and Banque Misr acted as underwriters. Alieldean Weshahi & Partners acted as the legal advisor, while Elite Consulting Group was the independent financial consultant on the transaction.<\/p>\n

IN OTHER CONTACT NEWS: Contact Financial Holding and real estate marketplace <\/strong>Sakneen<\/a><\/strong> have joined forces to offer a one-stop-shop for people searching for both a new home and mortgage finance, <\/strong>according to a statement (pdf)<\/a>. Prospective homebuyers can look for properties eligible for financing on sakneen.com and receive preliminary approval. Contact is offering 10-year loans of up to EGP 3 mn to Sakneen clients. Sakneen earlier this year raised USD 1.1 mn<\/a> in seed funding with \u201cmajor participation\u201d from Sarwa Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contact closes its second EGP 2.5 bn sukuk offering: Contact Financial Holding, formerly Sarwa Capital Holding, has closed its second sukuk issuance worth EGP 2.5 bn, the company said in a statement (pdf). The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of Contact Credit and its subsidiaries. […]<\/p>\n","protected":false},"author":1,"featured_media":563873,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[933,7106,88,72,595,83,2145,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-contact-financial","tag-debt","tag-debt-watch","tag-enterpriseam","tag-non-banking-financial-services","tag-real-estate","tag-sakneen","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"2b389205-5282-4d47-b93a-13d8a30d62ff","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/263.jpg","photo_position":"above","related_issue":[563866],"teaser":"","voice_url":""},"yoast_head":"\nContact makes first sukuk sale this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/contact-makes-first-sukuk-sale-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contact makes first sukuk sale this year\" \/>\n<meta property=\"og:description\" content=\"Contact closes its second EGP 2.5 bn sukuk offering: Contact Financial Holding, formerly Sarwa Capital Holding, has closed its second sukuk issuance worth EGP 2.5 bn, the company said in a statement (pdf). The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of Contact Credit and its subsidiaries. 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The single-tranche issuance is awaiting final approval by the Financial Regulatory Authority and is part of Sarwa Capital\u2019s strategy to diversify\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575636,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/egypts-sarwa-amer-to-close-sukuk-sales-before-end-of-2020\/","url_meta":{"origin":563872,"position":4},"title":"Egypt\u2019s Sarwa, Amer to close sukuk sales before end of 2020","author":"enterpriseam admin","date":"21 October 2020","format":false,"excerpt":"DEBT WATCH- Sarwa, Amer to close sukuk sales before 2020 ends: Sukuk issuances by EGX-listed Sarwa Capital and Amer Group are set to go to market before the year is out, the local pressreports, citing sources it says have knowledge of the transactions. Sarwa, a structured- and consumer-finance player, is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543785,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/","url_meta":{"origin":563872,"position":5},"title":"PHD\u2019s board approves EGP 3.25 bn sukuk sale","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.PHD\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=563872"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563872\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563873"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563872"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563872"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}