Arab Finance: Drive Finance, the non-banking financial services arm of GB Corp, has raised EGP 1.5 billion through a short-term bond issuance with a 13-month maturity, as per a disclosure.
The issuance will help meet the company’s financing and operational requirements while supporting the expansion of its consumer finance and factoring businesses in Egypt.
This move forms part of a strategy to diversify funding sources and strengthen its financing structure through capital market instruments.
Cairo-based financial services group CI Capital managed and promoted the issuance, while law firm Matouk Bassiouny & Hennawy acted as the legal advisor.
Credit rating agency Middle East Rating & Investors Service (MERIS) assessed the issuance’s credit rating, while accounting firm Baker Tilly acted as auditor.
