Cairo – Mubasher: MENA’s leading financial technology (FinTech) platform Valu has concluded its sixth securitised bond issuance in partnership with EFG Holding at a value of EGP 922.30 million, according to a press release.
The issuance is part of a short-term program that is backed by a receivables portfolio assigned to the EGX-listed firm’s Financial Group for Securitisation, the issuance’s Special Purpose Vehicle (SPV).
The offering is comprised of a singular trance that holds a 12-month bond tenor and a Prime 1 (sf) rating.
Shokry Bidair, CFO of Valu, commented: "This transaction is a pivotal step forward in our journey towards sustainable growth and enhancing our ability to provide our customers with an even broader array of innovative financial solutions.”
“By bolstering our liquidity position, this move aligns perfectly with our aspirations to further solidify Valu's position as a comprehensive lifestyle enabler, offering end-to-end fintech solutions that cater to the evolving financial needs of our clients,” Bidair added.
EFG Holding acted as the sole financial advisor, sole transaction manager, and book-runner. Meanwhile, EFG Holding and the Arab African International Bank (AAIB) acted as lead arrangers, book-runners, and underwriters. AAIB also acted as the custodian bank on the issuance.
The Arab Banking Cooperation (ABC), aiBANK, Attijariwafa Bank, and Banque Misr were subscribers to the issuance. KPMG acted as the financial auditor and ALC-Alieldean Weshahi & Partners acted as the legal advisor.
Last August, Valu unveiled a strategic rebranding in line with its growth plans to bolster the fintech industry and serve a wider range of clients across various sectors.