Cairo – Mubasher: Al Tawfeek for Financial Lease (AT Lease) announced that its 99.9%-owned subsidiary Al Tawfeek Securitization Co. received an initial approval for the second issuance of securitisation bonds, pending the completion of the required procedures.

The company aims to offer the securitised bond in the first quarter (Q1) of 2021 to keep the leverage ratio lower than nine times the capital base as per the instructions of the Financial Regulatory Authority (FRA), according to a bourse disclosure on Monday.

The portfolio of the securitised bonds has been determined at EGP 1.02 billion.

During the first nine months of 2020, the company achieved net profits of EGP 55.3 million, compared to EGP 52 million in the year-ago period, including minority shareholders’ rights.