This securitization bond issue was achieved in the light of fruitful cooperation between Banque Misr and Sarwa Capital, the largest securitization provider in Egypt.
In total, Contact has provided consumer financing, excluding mortgages, of LE 20 billion with an outstanding portfolio of over LE 5.5 billion at the end of 2019.
It also showed that sales revenues rose to LE 2.91 billion during 2019, up from LE 2.37 billion in 2018.
The new joint venturewill be equally owned by the two companies and will start operating under a new brand name after obtaining all the required approvals.
The bill included LE 1.6 billion for the purchase of Sarwa Capital's 261.8 million shares at a price of LE 7.36 per share representing 30 percent of the issued share capital.
The Grievance Committee of the commission decided to accept Beltone Financial's grievances' form and reject its subject.
The price of the deal will be LE 7.36 per share as a result of the attaining of the first case of the acquisition.
Beltone Financial Holding announced that OPR market will be opened to Orascom offerfrom November 28 toDecember 11, 2018.
The Egyptian Financial Supervisory Authority (EFSA) announced Sunday that it has received a tender offer from Orascom Investment Holding (OTH) to buy capital shared of the Sarwa Capital company.
The Egyptian Stock Exchange (EGX) had announced earlier that the transactions that occurred with the aim of stabilizing the financial investment company had reached 28.44 million shares.
Beltone received 10 mandates from companies for share offerings, acquisitions and other services.
Beltone said that FRA’s decisions are surprising and that the company is yet to be informed of reasons for their issuance and their stipulations.
Beltone managed the IPO of Sarwa Capital, which began trading on the Egyptian stock exchange last month. Its IPO unit was suspended on Thursday from carrying out any activity for six months.
Orascom intends to make an optional purchase offer for two cases: the first is to acquire 216.03 million shares at the offer price of LE 7.36.
Sarwa Capital’s share hiked 10 percent, reaching LE 6.17, by 11:46 am after Orascom Investment Holding announcement to purchase non-controlling stake of Sarwa shares.
Trading on Sarwa Capital shares recorded LE 6.67 per share at 1:09 p.m., losing 9.74 percent of its opening price after trading on 12.39 million shares.
Private offering recorded demands of LE 6.5 billion.
The Egyptian market needs fresh financial instruments such as sukuk, covered bonds, and short-term bonds, Managing Director of Sarwa Promoting and Underwriting said .
The retail offering subscription period runs between October 3 and October 10, 2018, and share trading is expected to commence on or around Monday, October 15.
The indicative price for its IPO ranges from LE 7.04 and LE 8 per share, with an expected offering size ranging between LE 2.1 billion to LE 2.4 billion.