Cairo – Mubasher: Palm Hills Developments (PHD) announced the closing of its sixth securitisation bond issuance in collaboration with Sarwa Capital, a subsidiary of Contact Financial Holding.
The issuance is backed by a portfolio of receivables worth EGP 1.2 billion, corresponding to 355 delivered residential units, PHD said in a bourse disclosure on Tuesday.
The four tranches of the bond received ratings of AA+, AA, A, and A-.
Sarwa Promotion & Underwriting served as the financial advisor, lead manager, and arranger of the transaction, while Misr Capital, Banque Misr, Arab African International Bank, and Ahli United Bank acted as underwriters and co-arrangers.
Yasseen Mansour, PHD’s Executive Chairman, said: “We have securitised gross receivables of approximately EGP 5.1 billion since we started the securitisation program back in 2016.”
In 2020, PHD achieved net profits of EGP 717.76 million, down from EGP 846.78 million in 2019, including minority shareholders’ rights.
