Sarwa Capital to issue EGP 2.5 bn sukuk for its subsidiary Contact in 2 weeks

Sarwa Capital will launch a 2.5 billion Egyptian pounds sukuk over the coming two weeks on behalf of its subsidiary Contact, the local press reports.

The single-tranche issuance is awaiting final approval by the Financial Regulatory Authority and is part of Sarwa Capital’s strategy to diversify its sources of funding.

The sukuk will carry a seven-year tenor offered in one tranche. MERIS ratings is providing the credit rating for the issuance, while ALC Alieldean Weshahi & Partners will act as legal counsel and KPMG Hazem Hassan will be the financial auditor.

Contact was the first company to be granted a consumer financing license earlier this year along with Raya Holding’s Aman.