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Talaat Moustafa’s unit gears up to issue EGP 2bn sukuk

Talaat Moustafa’s unit gears up to issue EGP 2bn sukuk
This move is part of the real estate developer’s efforts to diversify its financing sources
TMG Holding
TMGH
-8.81% 7.56 -0.73

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) announced that its subsidiary, Arab Company for Projects and Urban Development, is finalising the required procedures to issue sukuk worth EGP 2 billion in the coming period.  

This move is part of the real estate developer’s efforts to diversify its financing sources, Talaat Moustafa Group said in a statement to the Egyptian Exchange (EGX) on Sunday. 

It is worth mentioning that during the first nine months of 2019, TMG Holding reported a net profit of EGP 1.37 billion, up from EGP 1.24 billion in the year-ago period, including minority shareholders’ rights.