GlobalCorp for non-banking financial services considers a new securitization issuance worth EGP 1.5bn over 3 tranches before the end of this year.
Hatem Samir, Managing Director of GlobalCorp., said that the company aims to use the issuance proceeds to increase the volume of business, and is currently working on selecting the financial advisor for the issuance.
Samir told Daily News Egypt that Dreny and Partners is the legal advisor for the issuance, and Hazem Hassan and Partners (KPMG) acts as the auditor, pointing out that the cumulative portfolio since the establishment until now has exceeded about EGP 12bn.
He revealed that the company aims to pump EGP 2.5bn in financing through about 20 contracts during the second half of this year, and that the company has pumped actual funds since the beginning of this year, reaching EGP 2.5bn, pointing out that the company was aiming to achieve EGP 2.5bn in financing this year, but targets exceeded.
He added that the company obtained the approval of the Financial Regulatory Authority on real estate financing activity, and the license is being extracted and activated at the beginning of the fourth quarter of 2022, pointing out that the company has recently started practicing consumer financing activity through Ollin.
GlobalCorp launched a new company, Ollin, to finance requirements for all consumer finance solutions from auto loans, home finance, finishing, tuition, healthcare, education, travel, and club membership.
The company has allocated an initial investment of up to EGP 150m for its new project, with more investments to be injected as Ollin expands its customer base and product offerings.
GlobalCorp came ranked third in the market in May, with a market share of 9.1% and contract value of 2.2%.
Samir pointed out that the company aims to maintain the market share that it has maintained during the past two years, and to maintain the third position during the coming period.