Cairo – Mubasher: Chairman of the United Bank Ashraf El Kady on Wednesday announced that the bank issued a letter of guarantee for an EGP 305 million securitisation transaction for Madinet Nasr Housing and Development (MNHD).
The transaction comes in line with the bank’s efforts to support Egyptian companies and enlarge their financial capacity, El Kady added, according to a statement.
It is worth highlighting that MNHD’s standalone profit went down to EGP 613.28 million from January to September 2019, compared to EGP 816.74 million in the year-ago period.
The company reported contracts and sales bookings worth EGP 6.3 billion during 2019, higher by 15% when compared to EGP 5.49 billion in 2018.
Source: Mubasher
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