GB Auto’s Drive Finance to issue EGP400mn of securitised bonds
GB Auto’s [AUTO.CA] 90%-owned subsidiary, Drive Finance, received approval from the Financial Regulatory Authority (FRA) to issue securitised bonds worth EGP400mn, according to Al Mal. The bonds are expected to be issued within weeks as part of the company’s plan to support future expansions and a broader FRA target of a total of EGP16bn in securitised bond issuances in 2019 (of which EGP10bn have already been issued).
GB Auto: EGP3.83 as of 17 Sep. 2019, Rating: Buy, TP: EGP6.40/share, MCap: USD257mn, AUTO EY/AUTO.CA
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