Daimler’s Egypt partner picks Beltone Financial for EGP 1 bln bond sale
National Automotive Company (NATCO), partner of Daimler for Mercedes-Benz passenger cars in Egypt, has picked an affiliate of Beltone Financial as financial adviser for the debt sale, a portion of which will be green bonds.
NATCO is planning a bond issuance of 1 billion Egyptian pounds ($63.86 million), a portion of which will be “green bonds” used to expand its electrical vehicles business through manufacturing VR chargers, establishing charging stations, and distribution, and after sales centres.
The company said in a statement on Wednesday it had signed an agreement with Beltone Investment Banking to act as financial adviser, promoter, and underwriter for the debt sale.
According to NATCO’s chief executive Yasser Saleh Ibrahim, the company is also studying a partial listing of its shares on the Egyptian stock Exchange (EGX) in an initial public offering (IPO).
The bond sale is designed to finance expansions in distribution centres and after sales services for its distribution network of Mercedes-Benz in several spots across Egypt after signing a new distribution deal with Mercedes-Benz, Ibrahim said in a statement.
Aiming to penetrate the electric vehicle business, NATCO plans to establish a network of standard, fast, and ultra-fast charging stations, in line with Egyptian government’s vision to adopt more sustainable transportation solutions.
