Talaat Moustafa Group’s will list EGP 2 bn sukuk on EGX on Monday

Talaat Moustafa Group’s  2 billion Egyptian pounds sukuk issuance will be listed on the EGX after the exchange’s securities registration committee yesterday gave its approval, the bourse said in a disclosure.

The sukuk will be listed on the exchange to be publicly-traded on Sunday, 27 September, it said.

The first of its kind in Egypt, the offering was issued in April by TMG subsidiary the Arab Company for Projects and Urban Development, and was 2.5x oversubscribed during the private placement, with Banque Misr, Banque du Caire and Suez Canal Bank snapping up 97.25 percent of the issuance.

Certificates carry a 57-month tenor, maturing at the end of 2024, and each will have a nominal value of EGP 100. TMG had announced plans earlier this year to launch a three-year EGP 4.5-5 bn sukuk program to finance the company’s real estate leasing projects.