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Banking sources revealed the shares of the banks involved in the second issuance of securitization bonds issued by Al-Ahly Securitization Company with the guarantee of the portfolio transferred from Rawasy Urban Development Company amounting to about 1.012 billion pounds and the issuance took place in 3 tranches.
The sources added in exclusive statements that the participants include the Arab African International Bank with a value of 558.4 million pounds, representing 55.17%, the National Bank of Egypt with 303.6 million pounds, representing 30% , and the Arab belonged to Banking Corporation ABC with a value of 150 million and a share of 14.8%.
She pointed out that the issuance was guaranteed by a portfolio of future financial rights for real estate financing contracts worth about 1.9 billion pounds transferred from the Rawasy Urban Development Company, which is owned equally by the National Bank of Egypt and Banque Misr heard.
The sources revealed that Al-Ahly Pharos Company carried out the promotion and coverage of the subscription, while the Arab African International Bank and the National Bank of Egypt guaranteed the coverage of the issue, and the Arab African International Bank played the role of custodian and receiver of the subscription.
Law firm Al-Derini & Partners and Legal Consultations acted as legal advisors and RSM – Magdy Hashish & Partners acted as auditors, while Meris Middle East Investors Service Company provided credit for the issue.
Last September, Al-Ahly Pharos Company for Promotion and Underwriting, affiliated with Al-Ahly Financial Services Group, the investment arm of the National Bank of Egypt, led the first issuance of securitization bonds of Al-Ahly Securitization Company worth 1, 5 million US dollars through 789 million pounds, with the guarantee of the portfolio transferred from Rawasy Real Estate Development Company, secured by a futures rights portfolio. For finance leases worth around £1.3 billion.
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