Madinet Nasr for Housing & Develop. Statement re Securitization (4699X)

TIDMMNHD

RNS Number : 4699X

Madinet Nasr for Housing & Develop.

19 December 2019

MNHD finalizes securitization transaction with EFG-Hermes and CIB of EGP 370 million receivables portfolio

Cairo, December 19, 2019

Madinet Nasr Housing and Development ("MNHD" or "The Company"), a leading real estate player in the Egyptian market, announces the closing of a securitization bond ("The Bond") issued by Financial Group for Securitization Company (FGS) backed by a receivables portfolio originated by MNHD of EGP 370 million, as part of the Company's plan to monetize receivables from delivered units in Tag Sultan and other completed projects.

The three tranches of the Bond, amounting to a total EGP 305 million, received ratings of AA+, AA and A by Middle East Rating & Investors Service (MERIS).

EFG-Hermes Promotion & Underwriting and Commercial International Bank (CIB) acted as Structuring Advisor, Lead Managers and Arranger of the transaction. The issuance was fully underwritten by EFG-Hermes, CIB, and National Bank of Egypt (NBE), while Dr. Zaki Hashem & Partners firm acted as legal advisors for the transaction, and KPMG acted as the Auditors for the transaction.

"This is a great start to our securitization program" said Ahmed El Hitamy, CEO of MNHD, "units in Tag Sultan, Primera, and Waha projects were utilized for this securitization. MNHD has an ambitious target to continue securitizing when deliveries in Taj City and SARAI materialize in 2020", he added.

-Ends-

About MNHD

Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD's land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport and 5.5mn sqm in a strategic location on the Suez Road. You can learn more about us on our website at mnhd.com.

Ahmed El Hitamy

CEO

MNHD

4, Youssef Abbas St.

Nasr City, Cairo

Tel: +2 (02) 2400-6207

aelhitamy@mnhd.com

Salah Katamish

Director of Investor Relations

MNHD

4, Youssef Abbas St.

Nasr City, Cairo

Tel: +2 (02) 2400-6207

skatamish@mnhd.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

STRGGGMPPUPBUBB

(END) Dow Jones Newswires

December 19, 2019 04:31 ET (09:31 GMT)

Madinet Masr For Housing... (LSE:MNHD)
Historical Stock Chart
From May 2024 to Jun 2024