Amer Group plans to issue 607 million securitization bonds this week in favor of 4 companies affiliated with the group as part of its plans to diversify funding sources.
Sources told the “Stock Exchange” that the planned issuance consists of three segments that have received the Meris credit rating for the credit rating, and the necessary procedures for the issuance are being completed. The first tranche received a rating of (AA +), while the second tranche received an (AA) rating. The third slide on (A).
The sources added that it is expected that the issuance will be covered by many local and private banks, as the company is a major player in this market, as well as the company owning a large portfolio of lands.
Amer Group had signed a cooperation protocol at a time with EFG Hermes to manage and promote the securitization of a debt portfolio by issuing securitized bonds.
The consolidated net profits of Amer Group increased to approximately 27.6 million pounds during the first half of this year, compared to 25.4 million pounds during the comparative half of 2018.
The group recorded revenues of 690 million pounds during the first half, compared to revenues of 691.7 million pounds in the comparative period of 2019.
The article offering Amer Group securities worth 607 million pounds this week was written in Al-Borsa newspaper.