{"id":570659,"date":"2020-04-09T04:40:12","date_gmt":"2020-04-09T04:40:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/"},"modified":"2020-04-09T04:40:12","modified_gmt":"2020-04-09T04:40:12","slug":"tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/","title":{"rendered":"TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>DEBT WATCH-<\/strong> <strong>FRA approves Egypt\u2019s first ever corporate sukuk issuance: <\/strong>The Financial Regulatory Authority (FRA) has approved Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, <a href=\"https:\/\/ent.news\/2020\/4\/TMG-sukuk-issuance-8-4-2020.pdf\">it said in an official statement (pdf)<\/a>. TMG subsidiary the Arab Company for Projects and Urban Development will sell the shariah-compliant bonds via private subscription and will list them on the stock exchange to be publicly traded by investors. TMG announced plans <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/072adee9-35c4-4630-8009-27797e16674e\">earlier this year<\/a> to launch a three-year EGP 4.5-5 bn sukuk program in April to finance the company\u2019s real estate leasing projects.<\/p>\n<p><strong>About the issuance:<\/strong> The sukuk carry a 57-month tenor, maturing at the end of 2024, and each bond will have a nominal value of EGP 100. Payment for the bonds will be expedited during trading but they will not be transferable into shares, the FRA said. The underlying asset linked to the sukuk will be TMG's open-air mall in Madinaty, in which the investors will have partial ownership.<\/p>\n<p><strong>The issuance is 2.5x oversubscribed already<\/strong>, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/08\/1318283\">the local press<\/a> reports.<\/p>\n<p><strong>FRA does about-face on sukuk regs, allowing TMG sukuk to go to the EGX:<\/strong> The sukuk regulations published last year allowed for sukuk to be sold only via private placements. In his statement yesterday, FRA chief Mohamed Omran announced that the regulator had relaxed these rules, paving the way for TMG to list its securities on the EGX.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes is leading the sukuk issuance for TMG, <a href=\"https:\/\/ent.news\/2020\/4\/EFG-Hermes-PRL-1st-Sukuk-Issuance-AR.pdf\">according to an emailed statement (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DEBT WATCH- FRA approves Egypt\u2019s first ever corporate sukuk issuance: The Financial Regulatory Authority (FRA) has approved Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, it said in an official statement (pdf). TMG subsidiary the Arab Company for Projects and Urban Development will sell the shariah-compliant bonds via private subscription and will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[4916,72,76,440,2380,280,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570659","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-central-shariah-supervisory-committee","tag-enterpriseam","tag-financial-regulatory-authority","tag-mohamed-omran","tag-speed-round","tag-sukuk","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"196425a4-a067-4a20-9e61-692629ec1745","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[570654],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval - 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\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval\" \/>\n<meta property=\"og:description\" content=\"DEBT WATCH- FRA approves Egypt\u2019s first ever corporate sukuk issuance: The Financial Regulatory Authority (FRA) has approved Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, it said in an official statement (pdf). TMG subsidiary the Arab Company for Projects and Urban Development will sell the shariah-compliant bonds via private subscription and will [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-09T04:40:12+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval\",\"datePublished\":\"2020-04-09T04:40:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\"},\"wordCount\":257,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Central Shariah Supervisory Committee\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"Mohamed Omran\",\"SPEED ROUND\",\"sukuk\",\"Talaat Moustafa Group\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/09\/tmg-to-issue-egypts-first-corporate-sukuk-after-securing-fra-approval\/\",\"name\":\"TMG to issue Egypt\u2019s first corporate sukuk after securing FRA approval - 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EFG Hermes will reportedly be leading a sukuk issuance worth over EGP 1 bn for Talaat Moustafa Group (TMG) as soon as it acquires a license that it has requested from the Financial Regulatory Authority (FRA), Al Mal\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":567391,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/talaat-moustafa-group-to-launch-sukuk-program-in-april\/","url_meta":{"origin":570659,"position":2},"title":"Talaat Moustafa Group to launch sukuk program in April","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"DEBT WATCH- Talaat Moustafa to launch sukuk program in April: Talaat Moustafa Group (TMG) will kick off its three-year EGP 4.5-5 bn sukuk program in April, CEO Hisham Talaat Moustafa told Habi Journal, without disclosing the size of the initial issuance. Sources told the press in December that the company\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":570729,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/","url_meta":{"origin":570659,"position":3},"title":"Egyptian state-owned banks snap up TMG sukuk issuance","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"State-owned banks snap up TMG sukuk issuance: Three state-owned banks have taken 97.25% of the EGP 2 bn of sukuk issued by Talaat Moustafa Group last week, Al Mal reports, citing unnamed informed sources. Banque Misr and Banque du Caire each bought EGP 725 mn of the securities and Suez\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575039,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/sarwa-capital-unnamed-company-to-issue-egp-4-5-bn-of-sukuk-this-year\/","url_meta":{"origin":570659,"position":4},"title":"Sarwa Capital, unnamed company to issue EGP 4.5 bn of sukuk this year","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"DEBT WATCH- Two corporate sukuk offerings worth a combined EGP 4.5 bn are expected to go to market this year, including Sarwa Capital\u2019s planned EGP 2.5 bn issuance and another EGP 2 bn sale from an unnamed company in the services industry, head of the Financial Regulatory Authority\u2019s Central Administration\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/327.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568633,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/four-egyptian-companies-prepare-to-offer-egp-5-bn-sukuk-listings\/","url_meta":{"origin":570659,"position":5},"title":"Four Egyptian companies prepare to offer EGP 5 bn sukuk listings","author":"enterpriseam admin","date":"29 January 2020","format":false,"excerpt":"DEBT WATCH- Four Egyptian companies are gearing up to issue EGP 5 bn in sukuk on the EGX, Al Shorouk reported head of the Financial Regulatory Authority\u2019s (FRA) insurance department Sayed Abdelfadil as saying. 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