Sarwa Capital Plans EGP 2.5 Billion Seven-Year Corporate Sukuk Issuance

Egypt-based Sarwa Capital’s Managing Director, Ayman el Sawy, announced the planned issuance of a single-tranche corporate Sukuk worth EGP 2.5 billion. El Sawy noted that the prospectus has already been submitted to the Financial Regulatory Authority (FRA), and is pending approval.

The Sukuk carries a term of seven years, and according to media reports, will be put on the market around four to six weeks post the Eid-ul-Adha holiday at the end of July 2020.

According to el Sawy, management has also started engaging in talks with potential arrangers and guarantors for the transaction. El Sawy noted that a key criteria for the selection of promoters of the initial public offering...