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.