GlobalCorp Receives FRA Approval for EGP 1 Billion Second Tranche of Its Short-Term Corporate Notes Program
GlobalCorp Financial Services has received approval from the Financial Regulatory Authority (FRA) to issue the second tranche of its inaugural Short-Term Notes Program, with a total value of EGP 1 billion. The issuance forms part of the company's strategy to diversify its funding sources, support its expansion plans, and strengthen its ability to provide innovative financing solutions to its clients.
Commenting on the approval, Hatem Samir, Founder, Chief Executive Officer, and Managing Director of GlobalCorp Financial Services Group, said: "The FRA's approval of the second tranche of our Short-Term Notes Program reflects the strong confidence in GlobalCorp's financial position and the robustness of our business model. It also reaffirms the success of our strategy to diversify funding sources and leverage capital market instruments to support our sustainable growth ambitions."
He added: "This issuance marks another important milestone in GlobalCorp's growth journey, reinforcing our position as one of Egypt's leading non-banking financial services providers. It provides us with greater flexibility to finance our expansion plans while enhancing our ability to meet the growing financing needs of our clients. At the same time, we remain fully committed to upholding the highest standards of corporate governance, transparency, and regulatory compliance."
Samir further noted that GlobalCorp will continue expanding its utilization of non-banking financial instruments to create sustainable value for shareholders and clients, while contributing to the development of Egypt's short-term debt market in line with the state's efforts to deepen the capital market and provide diversified financing alternatives for businesses.
The issuance will carry a floating interest rate, calculated based on the lending rate announced by the Central Bank of Egypt, plus a predetermined margin. Interest will be paid periodically throughout the life of the issuance, with the full principal amount redeemed upon maturity.
Al Ahly Pharos Investment Banking acted as the Financial Advisor and Lead Arranger for the issuance, leveraging its extensive expertise in structuring, arranging, and managing debt capital market transactions in the Egyptian market.