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CIRA's shareholders approve EGP 600m Ijara Sukuk issuance

CIRA's shareholders approve EGP 600m Ijara Sukuk issuance

Cairo – Mubasher: The extraordinary general meeting (EGM) of Cairo for Investment and Real Estate Development (CIRA) approved the issuance of Ijara Sukuk worth EGP 600 million for a maximum period of 48 months.

The Ijara Sukuk, which is compliant with Islamic Sharia, tradable, and non-convertible, will be offered in a private placement for eligible institutions and individuals, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The issuance will be managed by the Egyptian Financial Group Hermes Holding (EFG Hermes).

In addition, the EGM also approved the sale of buildings and land plots of schools as part of the Sukuk transaction.

Prime Capital has been selected to act as a financial advisor for the deal.

During the nine-month period ended on 31 May, CIRA reported net profits of EGP 330.4 million, compared to EGP 231.56 million in the year-ago period.