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Tag: CFO

  • NAHCO Elevates Travel Experience with Launch of Sapphire Hotel at MMIA

    NAHCO Elevates Travel Experience with Launch of Sapphire Hotel at MMIA

    NAHCO Travel and Hospitality Limited (NHTL), a wholly owned subsidiary of NAHCO Plc has officially commissioned Sapphire Hotel, a premier luxury hospitality suite located directly within the Murtala Muhammed International Airport (MMIA) Terminal II departure area.

    ​The 20-room luxury hotel which marks a significant expansion of NAHCO’s footprint in the aviation service industry is specifically designed to offer world-class comfort and convenience for international travellers, transit passengers layovers and business executives.

    ​Redefining In-Terminal Luxury

    ​Strategically situated just seconds away from the airport check-in and boarding areas, Sapphire Hotel operates 24/7 providing a seamless transition from the terminal to a high-end resting environment.

    ​Speaking at the commissioning ceremony, Prince Saheed Lasisi, Group Executive Director Commercial and Business Development, NAHCO Plc, emphasised the company’s commitment to excellence. He said, “As one of Nigeria’s most reliable travel management organizations, NAHCO continues to position itself as a trusted partner for hassle-free movement. We guarantee that the guest experience at Sapphire Hotel will be second to none in the country.”

    ​Comprehensive Guest Amenities

    ​The facility is designed to be more than just a place to sleep; it is a full-service hospitality hub. Ms. Ruky Ogbetuo, Business Head/CEO of NAHCO Travel and Hospitality Limited, highlighted the strategic features of the new establishment:

    • ​Premium Accommodation: Tastefully furnished rooms with high-end amenities.
    • ​Wellness & Productivity: On-site business office, dedicated workout/exercise area and laundry services.
    • ​Culinary Excellence: Complimentary breakfast for guests with diverse lunch and dinner menus.
    • ​Integrated Access: Immediate proximity to the Sapphire Lounge an expansive 127-seater premium passenger facility featuring a VVIP section and a dedicated prayer area.

    ​Mr. M.I. Uddin, Group Chief Subsidiaries Officer noted: “Whether you are on a long layover or need to be seconds away from your boarding gate, we have created a space that perfectly balances luxury with functionality.”

    ​A Strategic Milestone

    ​The launch event was attended by NAHCO’s top leadership including GMD/CEO Mr. Muyiwa Olumekun, CFO, Mr. Adeoye Emiloju and GED, Corporate Services, Dr. Sola Obabori and GED, CBD, Prince Saheed Lasisi. The ceremony also drew key stakeholders from the Federal Airports Authority of Nigeria (FAAN), major international airlines and high-net-worth frequent flyers.

    ​The establishment of Sapphire Hotel reinforces NAHCO’s diversification strategy, moving beyond ground handling into a comprehensive travel excellence ecosystem.

  • CANAL+ Unveils New Africa Leadership Team

    CANAL+ Unveils New Africa Leadership Team

    …The new leadership will operate as a single management team covering the entire African continent, structured into three divisions: Operations (TV and Fiber activities), Content, and Corporate Functions

    C+ is proud to unveil its new leadership team for combined businesses in Africa

    Calvo Mawela, outgoing CEO of MultiChoice, is appointed as Chairman of CANAL+ Africa, which now includes MultiChoice Group and the whole of Africa including French speaking territories. David Mignot is appointed Chief Executive Officer (CEO) of this new combined entity. The newly formed top management team is drawn from the two companies’ combined talent pool, with CANAL+ and MultiChoice each contributing an equal number of senior executives.

    Congratulating the new management team, David Mignot, CEO for Africa, said: “We have an incredible Africa leadership team and has an exceptional track record across the continent and within the global group.  Working together, we will deliver growth across the continent by telling unique, high-quality African stories, bringing great international content to our subscribers and leveraging our scale across the global company. With seven nationalities represented, this leadership team has the diversity, knowledge and networks to deliver best in class services and content for our subscribers – all enabled by commercial and technical excellence.”

    New Leadership Appointments

    The new leadership will operate as a single management team covering the entire African continent, structured into three divisions: Operations (TV and Fiber activities), Content, and Corporate Functions.

    The new C+ Africa Leadership team is:

    • David Mignot, CEO, Africa
    • Nicolas Dandoy, CFO, Africa   
    • Aziz Diallo, CEO, PayTV French-speaking Africa
    • Byron du Plessis, CEO, PayTV South Africa
    • Fhulufhelo “Fhulu” Badugela, CEO, PayTV Rest of Africa
    • Jean-François Duboy, CEO, GVA
    • Hennie Visser, Director, Business Operations, Africa
    • Fahmeeda Cassim-Surtee, CEO, Advertising and Media Sales, Africa
    • Fabrice Faux, Director, Content, Sport and General Entertainment French-speaking Africa
    • Nomsa Philiso, Director, Content, General Entertainment, English and Portuguese-speaking Africa
    • Rendani Ramovha, Director, Content, Sport, English and Portuguese-speaking Africa
    • Clément Hellich-Praquin, General Secretary, Africa
    • Jean-Christophe Ramos, Director, Public Affairs French-speaking Africa
    • Keabetswe Modimoeng, Director, Public Affairs English and Portuguese-speaking Africa
    • Michel Sibony, Chief Value Officer, Africa
    • Karim Bouzid, Director, Integration, Africa
    • Hala Saab, Director, Brand and Communication, Africa
    • Sabelo Mawali, Chief Technology Officer, Africa
    • Tshepi Malatjie, Director, Human Resources, Africa

    Steven Budlender and Timothy Jacobs will each hold a senior position in the combined Group. Steven will be managing legal affairs for English-speaking Africa countries and Timothy will be managing synergies in Finance department.

  • Celebrating Africa’s 20 Under 40 Energy Women Rising Stars

    Celebrating Africa’s 20 Under 40 Energy Women Rising Stars

    …As Africa’s energy sector continues to grow, the 20 Under 40 Energy Women Rising Stars celebrates innovation and leadership across the sector

    The African Energy Chamber (AEC) proudly announces this year’s 20 Under 40 Energy Women Rising Stars, celebrating the visionaries shaping Africa’s energy future. The 20 Under 40 Energy Women Rising Stars represent the full spectrum of the energy industry across Africa – from oil to natural gas and renewables – and have emerged as the drivers of the African energy sector. Representing both public and private companies, these women have demonstrated that their commitment to the industry goes beyond their job scope, to empower others, uplift communities and create lasting change across the African energy sector.

    In alphabetical order:

    Annie Cyrielle Okouma, Production Chemistry Engineer, SLB – Gabon

    Annie Cyrielle Okouma is a trained chemical engineer, working for global technology company SLB in Gabon. Since joining the company, she rose the ranks, starting as a trainee laboratory technician and field engineer and now working as a production chemistry engineer.

    Ashanti Kutala Mbanga, Program Manager, SANEDI – South Africa

    Ashanti Kutala Mbanga, Project Manager at South African National Energy Development Institution, leads South Africa’s energy efficiency labelling program. She advocates for women and youth inclusion, serving as Vice-Chairperson of the Association for Females in Energy Efficiency.

    Carolina Ana da Graça, Business Analyst, Chevron – Angola

    Angolan professional Carolina Ana da Graca, a Chevron Angola Business Analyst, holds a degree in maritime transportation. An award-winning researcher, she is pursuing a master’s in transportation planning, specializing in maritime cybersecurity challenges.

    Chisom Okolie, Senior Associate, Udo Udoma & Belo-Osagie – Nigeria

    Nigerian lawyer Chisom Okolie, Senior Associate in energy and finance, advises multinational clients on complex transactions. Recognized as a Rising Star, she co-authors legal publications and champions women’s advancement in business law.

    Elisangela Neto Fernandes, Global Asset Manager: Production Systems, SLB – Angola

    Angolan geologist Elisangela Neto Fernandes began offshore as a Field Engineer in 2012. Rising through technical, global coordination and leadership roles, she now manages Surface Production Systems across Angola and Central East Africa.

    Fiona Magomere, Power System Control Engineer, Kenya Power & Lighting Company – Kenya

    Kenyan engineer Fiona Magomere, Power Systems Control Engineer at Kenya Power & Lighting Company, champions sustainability and clean energy access. A STEM mentor and storyteller, she advocates for collaboration to advance Africa’s inclusive energy transition.

    Hunadi Nkabonwa Mahlanyane, Acting Line Manager, Coal & Civil Department, Eskom – South Africa

    A trained technician, Hunadi Nkabonwa Mahlanyane is currently the Acting Line Manager in the Coal & Civil Department at South Africa’s state-owned power utility Eskom. Having studied electrical engineering at Witbank Technical College, she now plays a central role within Eskom.

    Jakobina Junias, Founding Partner & CEO, Amperra Charging Company – Namibia

    Namibian entrepreneur Jakobina Junias, CEO of Amperra Charging Company, pioneers sustainable EV solutions. A University of Namibia graduate, she champions environmental sustainability and innovation, positioning ampperra as a trusted African electric mobility brand.

    Jesupelumi Ajibola, Training Business & Service Delivery Manager, SLB – Cameroon

    Jesupelumi Ajibola, Training Business & Service Delivery Manager at SLB, is a petroleum engineer with international experience. Holding a master’s from Imperial College London, she has worked for some of West Africa’s leading energy companies.

    Joy Nancy Ogechi, Energy and Project Engineer, Kenya Power & Lighting Company – Kenya

    Joy Nancy Ogechi, Energy and Project Engineer at Kenya Power, has over seven years’ experience managing development projects. She enhances healthcare, infrastructure, and socio-economic productivity through multilateral and government-financed energy initiatives.

    Justina Erastus, Founder, Youth in Oil and Gas Summit – Namibia

    Namibian lawyer-in-training Justina Erastus, Founder of the Youth in Oil and Gas Summit, champions youth inclusion. She empowers young professionals through advocacy, education and engagement in Namibia’s evolving energy landscape.

    Kavenamuua Kgosiemang, Field Engineer, SLB – Namibia

    As Field Engineer at SLB, Kavenamuua Kgosiemang manages operations, data acquisition and reporting for well development projects. Her technical role supports decision-making critical to sustainable, long-term oilfield success.

    Keleadile Ruda, Founder, Women in Energy – Botswana

    Botswana’s Keleadile Ruda, Co-Founder of Women in Energy, is a solar PV specialist with five years’ experience. She leads projects from design to commissioning while mentoring women and youth in STEM.

    Lydia Kapangila, Founder & CEO, Africa Youths in Energy Network – South Africa

    Lydia Kapangila, Founder and CEO of Africa Youths in Energy Network, is dedicated to collaboration, sustainable growth and youth empowerment. She drives continental change through business acumen, advocacy and strategic leadership.

    Mariah Lucciano-Gabriel, Head: Integrated Gas Ventures, Asharami Energy – Nigeria

    Mariah Lucciano-Gabriel, Head of Integrated Gas Ventures at Asharami Energy, is a respected energy leader. With expertise in operations optimization and cross-functional leadership, she drives revenue growth and champions innovative business strategies.

    Nancy Murithi, Green Growth & Climate Change Officer, Kenya Association of Manufacturers – Kenya

    Nancy Murithi, Green Growth and Climate Change Officer at the Kenya Association of Manufacturers, advances energy efficiency and climate policy. An award-winning trainer and advisor, she empowers organizations and youth across Africa.

    Nisia Ingles Pinto, Fluids Construction Engineer, SLB – Angola

    Angolan engineer Nisia Pinto, Well Construction Fluids Engineer at SLB, specializes in cementing operations. With strong field expertise, she ensures drilling safety, reliability and innovation across Angola’s oil hubs in Soyo and Luanda.

    Ololade Olubi, Division Manager Economics, Oando Energy Resources – Nigeria

    Ololade Olubi, Division Manager of Economics at Oando Energy Resources, is a petroleum economist with 12+ years’ experience. She leads project economics, strategy and new ventures, shaping upstream development across Africa.

    Rana Badi, CSR Project Lead, TotalEnergies – Libya

    Rana Badi, CSR Project Lead at TotalEnergies, has over a decade’s experience in CSR, communications and digital transformation. She leverages dual master’s degrees to drive impactful social investment and sustainability programs.

    Yetunde Margret Sorinola, CFO, Egbin Power Plc – Nigeria

    Yetunde Margret Sorinola, CFO of Egbin Power Plc, is a governance-focused finance leader in power generation. She specializes in compliance, risk management, tariff modeling and financial stewardship of capital-intensive energy projects.

    “The AEC believes that these 20 women represent the future and we look forward to having many more women on the list in years to come. These women are not only recognized for their amazing careers, but for their work and commitment across their respective communities. This is a testament to what happens when women are given opportunities to lead in the industry – going beyond executing their jobs to championing communities and mentoring others to become part of the larger African energy family” stated NJ Ayuk, Executive Chairman, AEC.

  • Franco-Nigerian Chamber of Commerce & Industry Elects New Board Members at 38th AGM

    Franco-Nigerian Chamber of Commerce & Industry Elects New Board Members at 38th AGM

    The Franco-Nigerian Chamber of Commerce & Industry (FNCCI) is pleased to announce the election of its new Board members following its 38th Annual General Meeting and the inauguration of its new President. The event, held on May 16, 2024, marked a significant milestone in the Chamber’s history, bringing together members and stakeholders to celebrate the appointment of distinguished leaders committed to fostering Franco-Nigerian business relations.

    Ajibola Akindele MFR, Country President for West Africa at Schneider Electric, served as the Returning Officer for the election. The newly elected Board members are poised to drive the Chamber’s mission of enhancing trade and investment between France and Nigeria.

    The FNCCI is pleased to announce its new leadership team:

    • President: Guillaume Niarfeix, Managing Director at SPIE Global Services Energy
    • Vice President: Kunle Ahmed, CEO at AXA Mansard Insurance Plc
    • Treasurer: Mounir Fawzy, CFO at Schneider Electric
    • Secretary General: Oritsematosan Edodo-Emore of Edodo Thorpes & Associates

    The newly formed Board of Directors comprises prominent figures from both French and Nigerian businesses, including:

    • Yann Gilbert, Country Chair at Amadeus
    • Ize Matebese, Ize Ukpoma Matebese & Co.
    • Fatai Bola Azeez, Bolamark Engineering Limited
    • Christine Quantin, Country Chair at Air France KLM
    • Frederic Lieutaud, CEO at Swiss Pharma Nigeria Limited
    • Gaëtan Debouchy, CEO at Advans Nigeria
    • Victoria Adefala, Principal Partner at Whitgift Law
    • Laurent Couderc, CEO at West Atlantic Shipyard
    • Philippe Daniel, Executive Director at TotalEnergies
    • Anthony Olukoju, COO at Deloitte
    • Cyril Darneix, Economic Office – French Embassy in Lagos
    • Etienne Rocher, Country MD at Africa Global Logistics
    • Patrice Porte, Country Chair at CFAO Motors

    The FNCCI remains dedicated to promoting sustainable economic growth, fostering bilateral trade, and strengthening business ties between France and Nigeria. The new Board, comprised of industry leaders with vast experience and expertise, is expected to bring innovative strategies and dynamic leadership to the Chamber.

    The FNCCI extends its heartfelt gratitude to all outgoing Board members for their invaluable contributions and welcomes the new Board with great anticipation for a prosperous future.

  • inDrive secures additional $150 Million from General Catalyst to Accelerate Expansion and Innovation

    inDrive secures additional $150 Million from General Catalyst to Accelerate Expansion and Innovation

    inDrive, a leading global mobility and urban services platform, announces the expansion of its financing arrangement with General Catalyst to $300 million, up from the initial $150 million secured in 2023. The financing extension, which can be further extended for an additional year, enhances inDrive’s financial flexibility, enabling the company to bolster growth, invest in product improvements, expand its service offerings, and enter new markets.

    This announcement comes on the heels of a remarkable year for inDrive, which saw a 54% growth in net revenue in 2023. Last year’s results continue to demonstrate the company’s robust growth trajectory and its strategic utilisation of flexible financing to scale operations sustainably.

    Dmitry Sedov, CFO at inDrive, highlighted the strategic importance of this financing: “Securing this financing from General Catalyst empowers us to continue our rapid growth and innovation while maintaining a strong financial position and financial flexibility. This financial structure is designed to support our ambitious plans without introducing additional risk to our operations. We are grateful for the confidence General Catalyst has shown in our mission and strategy, as we strive to make mobility accessible for communities around the globe.”

    Pranav Singhvi, Managing Director, General Catalyst said: “As long time partners with inDrive, we are excited to help them continue to scale their growth and set the company up for success as they enter new markets. We are enthusiastic about supporting a business with a robust mission that positively impacts communities globally”.

    Further underscoring inDrive’s global impact, the company was recently recognized as the second most downloaded ride-hailing app for the second consecutive year and ranked among the top-5 most downloaded travel apps globally, according to data.ai.

    With the latest financing arrangement, inDrive is poised for further growth in 2024. This strategic financial support will aid inDrive in expanding its service offerings, and strengthening its global presence, all while adhering to its core mission of challenging social injustice and promoting equitable access to mobility services.

  • EAIF extends €35 Million to bring Pioneering 46MW Biomass Power Plant in Côte D’Ivoire to Financial Close

    EAIF extends €35 Million to bring Pioneering 46MW Biomass Power Plant in Côte D’Ivoire to Financial Close

    …Project advances West Africa’s circular economy, boosts yields and incomes of local farmers

    The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, today announced that it had officially broke ground on the pioneering 46MW biomass power station in Ayebo, Côte D’Ivoire, bringing clean power and a more diverse energy mix to the region.

    EAIF has provided a €35m senior loan facility to develop a 46MW biomass power plant in Côte d’Ivoire, the largest facility of its kind in West Africa. Biovea Energie will own and operate the plant when operational.

    The capital injection from EAIF, alongside commitments from lead arranger Proparco, a subsidiary of the French Development Agency, will advance the Ivorian energy sector’s net zero pathway and brings a first-of-its-kind project to financial close. PIDG, through its Technical Assistance programme, will support the project’s delivery through an €8m Viability Gap Funding grant, one of the largest it has deployed. 

    Expected to cut 4.5 million tonnes of CO2 emissions over its 25-year lifetime, the €237m venture is a breakthrough development in a dynamic energy sector. The project is expected to drive a demonstrative effect by signifying an innovative approach to achieve Côte d’Ivoire’s goal to generate 45% of energy from renewable resources by 2030.

    Biovea, owned by EDF International, Meridiam and SIFCA, has been awarded a 25-year power purchase agreement to supply the Ivorian grid. The new plant reinforces the government’s priority to expand access to electricity by 2025 – improving energy security in rural areas with an electrification rate as low as 38%.

    Located in Ayebo, 100km east of the capital, Abidjan – Biovea Energie’s project will benefit 1.7 million people. Approximately 12,000 will be local out-growers, supplying up to 70% of the palm tree leaves and branches that will fuel the power plant. Integrating local farmers into the supply chain diversifies their revenue and welcomes greater income security, boosting their earnings by an expected 15%. 

    While supporting longevity in income generation for out-growers, the project will also deliver economic opportunities during its construction phase. Development of the plant and accompanying transmission, transport and communications infrastructure will generate 500 jobs. An additional 1,000 roles will uplift the local economy once Biovea Energie commissions the project.

    Maximising impact is a critical objective for the partners of the project, which extends to circularity in the supply chain. Preventing environmental harm by promoting the reuse of 520,000 tonnes of agricultural residue that would otherwise be discarded, the project signifies the potential for more regenerative economies. Once processed to power the turbines in the plant, ashes of the residue will be provided to farmers and used as a natural fertiliser for crops – enabling the uptake of more sustainable farming practices that boost yields.

    Establishing energy security in the country impacts those nearby, as the country’s evolving energy market serves as an essential exporter of electricity to six of its neighbouring countries.

    Once commissioned, the plants will align with PIDG’s commitment to the UN’s Sustainable Development Goal on Access to Clean and Affordable Energy (SDG 7). They are a demonstration of the multifaceted approach needed to propel green growth on the continent and exhibit how participation across the value chain can enhance diverse levels of development. 

    Commenting on the transaction, Olivia Carballo from Ninety One, fund manager of the Emerging Africa Infrastructure Fund, said: “As such a crucial energy market to one of the continent’s most important production hubs, impacts of a greener economy extend beyond the borders of Côte d’Ivoire. It is emblematic of the many resources we can leverage to accelerate growth across Africa and do so inclusively while contributing to the sustainability of thousands of livelihoods in the area.”

    Biovea Energie’s CFO, Franck KOBLAVI, commented: “We are delighted to close the deal as it has been highly anticipated and moves us closer to evolving the country’s energy mix and progressing an ambitious but attainable sustainability agenda. Working with best-in-class partners has ensured deep deliberation to other aspects of creating impact and will ensure quality service delivery from investment to energy production.”  

  • EFG Hermes Concludes Advisory on Third Issuance for valU in a Securitized Bond Offering Worth EGP 854.5 million

    EFG Hermes Concludes Advisory on Third Issuance for valU in a Securitized Bond Offering Worth EGP 854.5 million

    EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its the investment banking division successfully closed valU’s — the MENA region’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform — third securitized bond issuance worth EGP 854.5 million, which comes as part of a wider EGP 2.0 billion program that was approved by the FRA in July 2021.

    The bond is backed by a receivables portfolio, assigned to EFG Hermes Holding’s Financial Group for Securitization, the issuance’s Special Purpose Vehicle (SPV). It is comprised of a single tranche, with a Prime 1 (sf[1]) rating and a tenor of 12 months.

    Commenting on the issuance, Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes said, “We are pleased to be part of yet another successful issuance for valU and to support the leading BNPL fintech player in expanding its operations and broadening its capacities in the ever-growing Egyptian fintech ecosystem. The significant traction garnered from all three issuances, which initially hit the market as the first-of-their-kind for a BNPL fintech platform, underlines the trust we have built in the market and our unwavering commitment to provide our partners and clients with value-generating and diverse financing solutions that best serve their business expansion objectives.”

    Shokry Bidair, CFO of valU also commented on the issuance saying, “We are incredibly proud to have the support of EFG Hermes as we look to alternative financing methods that enable us to enhance our liquidity position, and execute our growth plans. As valU continues to expand its operational footprint and merchant network across key products, sectors, and markets, this issuance comes at the perfect time, supporting us to cater to the growing demand for convenient consumer financing solutions in the region.”

    The deal comes on the heels of the Firm’s successful conclusions of the first future flow securitized bond offering worth EGP 800 million for CIRA Education, and the third issuance worth EGP 292.5 million for Pioneers Properties for Urban Development. It also follows the Firm’s successful advisory on the second issuance for EFG Hermes Corp-Solutions valued at EGP 2.0 billion, and valU’s second securitized bond offering, worth EGP 532.6 million.

    EFG Hermes acted as sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance, with Commercial International Bank (CIB) and National Bank of Egypt (NBE) acting as underwriters while aiBANK acted as a subscriber.

  • EFG Hermes Concludes Advisory on valU’s Second Securitization Issuance Worth EGP 532.6 million

    EFG Hermes Concludes Advisory on valU’s Second Securitization Issuance Worth EGP 532.6 million

    EFG Hermes, the leading investment bank franchise in Frontier Emerging Markets (FEM), announced today that its Debt Capital Markets (DCM) unit under the investment banking division successfully closed valU’s second securitization issuance worth EGP 532.6 million, which comes as part of valU’s wider EGP 2 billion program that was approved by the FRA on 25 July 2021.

    The bond is comprised of two 12-month tranches, each rated Prime-1 by Middle East Rating Services (MERIS), the highest among other Egyptian bond issuances according to MERIS. The first tranche is worth EGP 479.34 million while the second is worth EGP 53.26 million, and the issuance is backed by a receivables portfolio of EGP 609.1 million assigned to EFG Hermes as the issuance’s special purpose vehicle (SPV).

    Commenting on the issuance, Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes said, “After the demonstrated success of the first issuance in valU’s first-of-its-kind securitization program for a BNPL fintech platform, we are pleased to have successfully concluded this second issuance, which provides valU with alternative funding to grow their installment payment programs. The finalization of this transaction out of many others is proof positive of the DCM team’s commitment to its clients to provide tailored solutions that are suitable to the respective economic and financial environments. With our comprehensive product offering in the DCM space and our team comprising top professionals in the field, our objective is to bring world-class corporate finance solutions and alternatives to our clients that serve their needs and respond to changing market dynamics.”

    Shokry Bidair, CFO of valU also commented on the issuance saying, “We’re very excited to be closing the second issuance in our EGP 2 billion securitization program. This comes as a testament to the strength of our business model as well as our ability to tap into the debt capital market space despite ongoing economic challenges. This transaction will enable valU to further enhance its liquidity position and support the impressive growth it continues to achieve.”

    EFG Hermes acted as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance. Arab African International Bank acted as underwriter and custodian, Dreny & Partners acted as the legal advisor, and KPMG as the auditor of the transaction.

    The issuance follows the Firm’s conclusion of a series of transactions in 2022 involving advisory on Pioneers Properties for Urban Development second securitization issuance, Bedaya Mortgage Finance’s first securitization issuance, a securitization issuance for MNHD, and the sixth issuance for Premium International for Credit Services. It also comes on the heels of the Firm’s successful advisory on valU’s first securitized bond offering, worth EGP 322.5 million, in September 2021.