ArabFinance: The Financial Regulatory Authority (FRA) has approved the first securitized bonds issuance valued at EGP 38.734 million of Giza General Contracting and Real Estate Investment Company (GGCC), according to a statement filed to the Egyptian Exchange (EGX).
Moreover, the FRA approved securitization issuance worth EGP 293.97 million to Giza General contracting’s affiliated companies.
The offering aims at providing cash for the company’s expansion plan and to meet its development needs in the real estate development sector.
EFG Hermes (HRHO) acted as the financial advisor, bookrunner, and underwriter for the transaction.
Giza General Contracting is an Egypt-based public shareholding company that operates in the construction and engineering industries sector.
The company is primarily involved in general contracting activities; operation, manufacture, and trade in all requirements of the contracting industry.