The Financial Regulatory Authority (FRA) approved on Sunday the first issuance of securitisation bonds worth EGP 336.7m for the Cairo Housing and Development Company and its sister companies.
In a statement, the company said that the FRA agreed to the issuance of securitisation bonds worth EGP 146.08m for Cairo Housing and EGP 190.61m for its sister companies.
The bonds will provide existing monetary liquidity to expand the company in the volume of their activities to meet their mortgage development needs.
The statement added that Hermes played the role of the financial adviser, director, and promoter, and ensured coverage for the deal.
In the first nine months of 2021, Cairo Housing achieved a net profit of EGP 7.61m, up from the EGP 171.76m recorded in the same period within the previous year.
During this period, the parent company recorded EGP 46.05m of losses against EGP 109.82m of profits at the end of September.
The company also recorded non-controlling equities valued at EGP 53.66m by the end of September against profits of EGP 61.93m during the same period in 2020. The revenues in the first nine months of the year also rose to EGP 1.2bn, up from 2020’s EGP 932.15m.
At the standalone business level, the company incurred EGP 46.44m in losses during the same period, up from EGP 14.04m in losses in the previous year.