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Amer Group's units ink EGP 607m securitised bond issuance contracts

Amer Group's units ink EGP 607m securitised bond issuance contracts
The issuance is pending the completion of necessary procedures and approvals
Amer Group
AMER
-2.06% 1.00 -0.02

Cairo – Mubasher: Amer Group Holding Co said that four of its subsidiaries signed agreements with the Financial Group for Securitization Company for a three-tranche securitised bond issuance worth EGP 607 million.

The three tranches were rated at AA+, AA, and A, respectively, by Middle East Credit Rating and Investors Service (MERIS), according to a bourse disclosure on Wednesday. 

The issuance is pending the completion of necessary procedures and approvals.

 During the first nine months of 2020, Amer Group achieved net profits of EGP 9.98 million, down from EGP 39.38 million in the corresponding period a year earlier, including minority shareholders’ rights.