Talaat Moustafa Group (TMG) subsidiary, the Arabian Group for Urban Development and Projects Management, announced it issued US$1.9 million worth of securitization bonds on the membership fees of its clubs in Madinaty and Al-Rehab, according to local media reports.
The TMG holding showed an increase of 27% in its net sales after taxes in the first half of the current year versus the same period in 2021. The recorded net profit in the first half of this year amounted to 1.09 billion EGP, compared to 857 million EGP during the same period last year.
The company’s revenues increased in the first six months of 2022 by 29%. They recorded 7.1 billion EGP, compared to 5.5 billion EGP in the same period last year.
That issuance is the first securitization for the Arabian Group for Urban Development and Projects Management company, Iman Raouf, a partner in Al-Derini & Partners, the legal advisor for the issuance, said, noting that the main goal is to provide liquidity.
Raouf said to the local media that the Arab African International Bank (AAIB) participated in covering the subscription along with three other funds: the Arab African International Bank Fixed Income Fund Gozoor and the Diamond Money Market Fund.
EFG-Hermes Holding played the role of financial advisor and promoter of the issuance.
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