By: Abdullah Bedeir

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is looking to issue sukuk by April, the company’s CEO and managing director Hisham Talaat Mostafa said.

Over the course of 2020, the real estate developer aims to achieve the same value of sales generated in 2019, the CEO added on the sideline of a press conference on Monday.

Earlier, the Egyptian firm 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. 

It is noteworthy that during the first nine months of 2019, the company’s net profits grew to EGP 1.37 billion from EGP 1.24 billion in the year-ago period, including minority shareholders’ rights.