Cairo – Mubasher: Arabia Investments Holding announced that its subsidiary Tawriq for Securitization signed an asset-backed bond issue worth EGP 500 million for unrelated companies with Raya Holding for Financial Investment (Raya Holding).

This is the second bond issuance signed by Tawriq for Securitization during 2019, following the issuance of bonds worth EGP 479 million for Elmobasher, Arabia Investments Holding said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The transaction is still pending the Financial Regulatory Authority’s (FRA) approval, the statement noted.

It is noteworthy that during the first half of 2019, Arabia Investments Holding reported a net profit of EGP 31.6 million, compared to EGP 46.9 million in H1-18, including minority shareholders’ rights.

In addition, Raya Holding turned to net losses of EGP 50.9 million in H1-19, versus profits of EGP 17.1 million in H1-18, including minority shareholders’ rights.