Orascom Holdings divests its stake in Sarwa Capital for Beltone Securities

EGYPT – Orascom Investment Holding, a holding company, has sold its entire stake in Sarwa Capital Holding for Financial Investments, Beltone Securities Brokerage. The company stated in a statement to the Egyptian Stock Exchange (EGX) that Orascom Investment has sold 350.08 million shares of Sarwa Capital, which represents its entire stake in the company by 29.25 percent. It added that the total value of the deal amounted to LE 1.6 billion (US$100m), with an average selling price of LE 4.58 (US$0.31) per share. EGX announced the implementation of a deal…

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Sarwa Capital closed its inaugural Sukuk issuance of US$ 159.84m, the first in Egypt

EGYPT – Sarwa Capital for consumer and structured financial services has successfully closed its inaugural Sukuk issuance by Sarwa Sukuk, a subsidiary of Sarwa Capital, of EGP2.5 billion (US$ 159.84m), as Egypt seeks to attract a new segment of investments. The issuance is a Shariah compliant 7-year Mudarabah Sukuk and received a high credit rating of A- by the Middle East Ratings and Investors Service (MERIS). This issue is the first transaction of its kind and the largest Sukuk issuance in Egypt. The proceeds will be used for further expansion…

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