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CIRA gets FRA's approval for EGP 600m Sukuk issuance

CIRA gets FRA's approval for EGP 600m Sukuk issuance
The issuance of the Sukuk is managed by EFG Hermes

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) gave the greenlight to EFG Hermes Sukuk Co to issue Ijara Sukuk for Cairo for Investment and Real Estate Development (CIRA).

The Sharia-compliant Sukuk will be offered for eligible private financial institutions and investors at a nominal value of EGP 100 apiece, totaling EGP 600 million, CIRA said in a bourse disclosure on Tuesday.

The issuance of the Sukuk, carrying a maturity of 82 months, is managed by EFG Hermes as a financial advisor, lead arranger, and bookrunner.

Ahli United Bank, Suez Canal Bank, National Bank of Egypt (NBE), and Banque du Caire acted as underwriters for the transaction.

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.