Arab Finance: The Financial Regulatory Authority (FRA) approved the second issuance of the securitized bonds for Pioneers Properties for Urban Development (PRDC) and its related parties, according to a filing to the Egyptian Exchange (EGX) on July 24th.
The share of El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) in the issuance amounted to around EGP 31.1 million.
Moreover, the share of Giza General Contracting and Real Estate Investment Company (GGCC) in the issuance reached EGP 45.913 million.
Both companies announced that the secured amounts will be used to finance their expansions in the field of real estate development.
It is worth noting that EFG Hermes Holding (HRHO) acted as the financial advisor, sole transaction manager, book-runner, underwriter, and arranger on the issuance.
Established in September 2021, Pioneers Properties is a Cairo-based company listed on the EGX that operates in real estate development and investment.
El Saeed Contracting is an Egypt-based company engaged in the provision of general and specialized contracting and construction services. The company’s activities are structured into three divisions: contracting, gravel quarries, and real estate.