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MNHD inks EGP 1.1bn syndicated loan deal with CIB

MNHD inks EGP 1.1bn syndicated loan deal with CIB
The CIB led a consortium of three banks
Madinet Nasr Housing
-1.14% 2.60 -0.03
-0.21% 38.90 -0.08

Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) signed a seven-year syndicated loan agreement worth EGP 1.1 billion with the Commercial International Bank – Egypt (CIB).

The CIB acted as the mandated lead arranger, bookrunner, and facility agent, leading a consortium comprising of Arab Investment Bank, Egyptian Gulf Bank, and the United Bank, according to a bourse disclosure on Thursday.

The facility was granted to discount part of the company’s outstanding receivables at a competitive discount rate.”

During the first six months of 2020, MNHD logged EGP 482 million in net profits, down from EGP 511 million in the corresponding period a year earlier.