Sarwa gets FRA’s approval for EGP 2.5B sukuk issuance

ArabFinance: Sarwa Capital Holding obtained on November 19^ththe approval of the Financial Regulatory Authority’s (FRA) Sharia Supervisory Committee to issue sukuk worth EGP 2.5 billion, Vice Chairman of FRA Reda Abdel Moati told Al-Mal news website.

Sarwa earlier signed an agreement with Banque Misr and Misr Capital Company to guarantee, promote, and cover the sukuk issuance.

The company plans to issue the sukuk before the end of the year, unnamed sources told Daily News Egypt.

The listed company posted a consolidated net profit before minority interest of EGP 193,864,694 in the January-September period of 2020, compared to EGP 279,925,611 achieved in the prior-year period.

Sarwa offers financial solutions such as auto credit, insurance, and consumer finance.

The group also helps and structures debt transactions for companies that need to access debt capital markets to fund growth, manage risk, improve financial standing, and raise liquidity.