Cairo, December 2, 2021: Palm Hills Developments ("PHD" or "the Company"), a leading real estate developer in Egypt, announces in cooperation with Sarwa Capital, a subsidiary of Contact Financial Holding ("Sarwa"), the successful closing of its seventh securitization bond issuance ("the Bond") backed by a receivables portfolio of approximately EGP1.05 billion, corresponding to 331 handed over residential units. The Bond was issued in four tranches with ratings of AA+, AA, A+, A-.

Sarwa Promotion & Underwriting acted as Lead Manager and Arranger of the transaction. The issuance was fully underwritten and co-arranged by several leading banks as follows: National Bank of Egypt, Banque Misr, Misr Capital, Commercial International Bank - Egypt and Ahli United Bank - Egypt. Ali El Din Weshahi (ALC) acted as the legal advisor for the issuance.

Yasseen Mansour, PHD’s Executive Chairman commented: “I am very pleased with the successful closing of our seventh securitization transaction, bringing our gross securitized receivables portfolio to EGP6.2 billion since we started the program back in 2016. We reiterate that the program supported our operational and financial performance over the past years, maintaining our position as a leading developer in construction progress and delivery pace, creating an ample portfolio of Ready to Move Units along with strengthening our balance sheet position”.

Ayman El Sawy, Contact Financial’ s Group CFO commented: “We are pleased to successfully close the seventh securitization bond for Palm Hills Developments issued as part of the agreed securitization program in which we issued together around EGP4.6 billion. This issue is a testament on our long and fruitful relationship with Palm Hills and together we are working on developing new financing tools to further support the growth of the real estate development sector”.

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