Arab Finance: The board of International Company for Leasing (Incolease) has approved a proposal to proceed with its second securitization bond issuance, according to a bourse filing.
The planned issuance is valued at approximately EGP 2.5 billion, as part of a securitization program that extends up to seven issuances over three years, with a maximum total value of EGP 10 billion.
The transaction will be carried out by transferring a portfolio of outstanding future financial receivables to a securitization company licensed by the Financial Regulatory Authority (FRA). This is subject to obtaining the required approvals and full subscription coverage for the securitization bonds.
Incolease’s board also approved appointing Al Ahli Securitization, Al Ahli Pharos, Matouk Bassiouny & El Hennawy, Baker Tilly, and MERIS to execute and advise on the transaction.
The board also approved assigning the execution of the transaction to Al Ahli Securitization, Al Ahli Pharos, Matouk Bassiouny & El Hennawy, Baker Tilly, and MERIS.
On March 18, the company completed its first securitization for its leasing portfolio, valued at EGP 2 billion.
