Egypt’s Sayyaf to Postpone Issuance of USD 50 Million Sukuk to 4Q 2020

Sayyaf Aircraft and Equipment Rental Company (SAERC) has decided to postpone its USD 50 million Sukuk issuance, citing economic uncertainty caused by the COVID-19 pandemic. The Sukuk program is now expected to be issued in the fourth quarter of 2020, which will coincide with receipt of new aircrafts.

The funds will be raised in two tranches, the first being a USD 7 million tranche with a three-year maturity, sold domestically. The second tranche of USD 43 million will carry a tenure of five-to-eight years, and will be sold domestically as well as to foreign investors.

Hassan Mohamed, Chairman of the Board of Directors of SAERC, told local media that the issuance of the Sukuk has also...