Golden Coast Company, affiliated to Golden Pyramids Plaza, considers issuing green sukuk worth EGP 8bn to finance its project in Soma Bay in the Red Sea, sources told Daily News Egypt. It would be the first green sukuk issuance in Egypt.
The first issuance of sukuk in the Egyptian market was in favor of Talaat Moustafa Group, and it was issued by EFG-Hermes Securities.
The sources indicated that work is underway to prepare all the documents required to get the Financial Regulatory Authority’s (FRA) approval for the issuance.
Al-Ahly Pharos plays the role of financial advisor and promoter of the issuance, while Al-Derini and Co. acts as legal advisor for the issuance.
The Egyptian market witnessed a single green issuance, which is the issuance of green bonds for the Commercial International Bank in 2021, at a value of $100m, in which the International Finance Corporation fully subscribed to finance projects to help transition to a low-carbon economy.
Golden Pyramids Plaza owns 92% stake in Golden Coast. The profits of Golden Pyramids Plaza decreased by 77% during the first quarter of this year, to reach $6.19m, compared to a profit of $26.99m during the same period last year.
The company’s revenues increased during the period to reach $22.8m, compared to $42.2m during the same period of 2022.