Cairo – Mubasher: Arabia Investments Holding announced that its auto loan-focused subsidiary Rawaj Finance closed its third securitisation bond issuance at a value of EGP 308 million.
The Commercial International Bank acted as the financial advisor, general coordinator, and arranger of the deal, the company said in a bourse disclosure on Thursday.
The total value of Rawaj’s accumulated credit facilities reached EGP 1.2 billion.
The proceeds from the issuance will be used to finance the company’s expansion plans which include the inauguration of four new branches as well as the launch of new products to maintain its target revenue growth of 25% in 2021, the Managing Director of Rawaj, Ahmed Gamal, said.
During the first nine months of 2020, Arabia Investments Holding reported net profits of EGP 53.95 million, up from EGP 40.55 million in the same period in 2019, including minority shareholders’ rights.