Premium International for Credit Services aims to issue securitised bonds worth EGP 200m by the end of February.
Paul Antaky, Chairperson of Premium International, said that the issuance is part of the company’s multi-issuance programme that aims to finance its expansion operations.
Last month, EFG Hermes completed the seventh issuance of securitised bonds in favour of Premium International for Credit Services, at a value of EGP 200m, as part of a EGP 2bn programme.
Antaki told Daily News Egypt that the company aims to double the volume of its financial facilities during the current year, after they reached EGP 1.9bn in 2022.
He explained that the company was able to achieve a growth rate of 40% in sales last year compared to the previous year, despite the unfavorable conditions due to high inflation rates and interest rates.
Antaky said, that in light of the high inflation rates, the purchasing power of consumers decreases, which reduces the demand for commodities to purchase them, and the company noticed a decline in the demand for the installment process during the month of January, and attributed this to the decline in the purchasing power of consumers as a result of the high prices of commodities, in addition to the lack of availability of the commodities themselves in particular imported from them.
The Tradeline chain of stores, which specializes in selling electronic products in Egypt, concluded a cooperation agreement with Premium International last month to launch the Premium-Tradeline card, which allows customers to buy products from Tradeline stores in instalments up to 40 months without interest.
The Premium-Tradeline card gives customers a set of advantages, as the customer gets the installment system in an instant, and also enjoys the advantage of obtaining double the points balance when purchasing from Tradeline branches, in addition to the priority of reservation and the acquisition of new products as soon as they are launched on the market.