Talaat Moustafa Group subsidiary issues securitization bonds worth EGP 400m 

Daily News Egypt
2 Min Read

The Arabian Group for Urban Development and Projects Management, a subsidiary of Talaat Moustafa Group, issued securitization bonds on the membership fees of its clubs in Madinaty and Al-Rehab, worth EGP 400m.

Iman Raouf, a partner in Al-Derini & Partners, the legal advisor for the issuance, said that the issuance is the first securitization on club membership fees, with the aim of providing liquidity for the company.

Raouf added to Daily News Egypt 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.

Talaat Moustafa Group Holding achieved an increase in its net profit after taxes by 27% during the first half of this year, compared to the same period in 2021.

Talaat Moustafa Group’s (TMG) net profits in the first quarter of 2023 exceeded the company’s estimates. The Group’s net profits amounted to EGP 747m in the first three months of 2023, outperforming Naeem’s estimates of EGP 651m. 

Talaat Moustafa Group’s profit margins improved to 35.2%, up 3.4%, exceeding estimates for the value by 34%. The group also recorded total revenues of EGP 4.4bn, up 46.7% annually, in line with estimates.

This highlighted the large growth rate in the sales of Talaat Moustafa Group during the first quarter of 2023, amounting to 127%, bringing sales to EGP 12.2bn, and Madinaty still has the top selling projects in the group therefore in Egypt.

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