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We have updates this morning on Aman Consumer’s latest securitized bond issuance, news of GB Corp’s plans to locally manufacture a new lightweight car, and more.
Raya Holding’s Aman Consumer issues over EGP 1 billion in securitized bonds
The clap:
Raya Holding’s fintech subsidiary Aman Consumer Finance has issued EGP 1.04 billion in securitized bonds that were backed by an EGP 1.2 billion portfolio of consumer finance contracts.
Rating:
With tenors of 6, 9, 13, and 24 months, the issuance was done in four tranches, and Middle East Rating Services gave it ratings of Prime 1 and A.
Background:
The issuance is a component of a larger, three-year, EGP 5 billion securitization program that began in February 2023. In December 2023, the company forayed into the securitization market with the issuance of EGP 1.1 billion.
More to come:
According to CEO Hazem Moghazi of Aman for Financial Services, the company intends to launch the program’s fifth issuance in the third quarter of this year.
Counsel:
The sole financial advisor, arranger, and issue manager for the issuance was CI Capital. Accompanying the Arab African International Bank as custodian and underwriter was the National Bank of Egypt. United for Accounting, Auditing, and Tax Consulting was the auditor, and Zaki Hashem offered legal advice.
GB Corp will roll out a new locally manufactured car soon
The clap:
EGX-listed GB Corp is teaming up with Helwan Machinery & Equipment Co and International Trade and Marketing Company Etamco to assemble and locally manufacture a new light weight vehicle dubbed “cute,” it said in a statement. The date of the car’s debut in the local market has not been disclosed yet.
Background:
The agreement is part of a wider arrangement between Etamco and India’s Pagag Motors to create vehicles of the range, and the statement now notes that they will now capitalize on Helwan Machinery’s factory’s production capacity to realize their target.
Remember- the automaker is going green:
When GB Corp changed its name from GB Auto in 2023, it revealed an ambitious plan to install solar power plants at all of its factories, supplying about 40% of the company’s electricity needs by 2024.
What else is clapping?
Investment management firm Act Financial will offer about 32% of the company’s shares following a capital increase. Instead of selling any of their shares for the IPO, current shareholders will issue 360 million new shares to raise the company’s capital to EGP 281.4 million. New shares will be priced at EGP 2.90 per share during the IPO, with 60 million shares earmarked for retail investors.
Al Ahly CIRA is in discussions with the National Bank of Egypt to obtain loans totaling EGP 500–600 million in order to partially finance the EGP one billion first stage of the Saxony Egypt University of Applied Sciences and Technology.
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