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Drive Finance Raises EGP 1.5bn via Bond Issuance for Expansion
Drive Finance Raises EGP 1.5bn via Bond Issuance for Expansion
Drive Finance, the non-bank financial services arm of GB Corp, has successfully closed a EGP 1.5 billion bond issuance with a 13-month maturity. The company stated that the transaction is designed to diversify funding sources and support expansion in its core consumer finance and factoring operations.
Drive Finance, the non-bank financial services subsidiary of GB Corp, has completed a EGP 1.5 billion bond issuance with a maturity period of 13 months.
The company announced that the transaction serves as a central component of its strategy to diversify funding sources and strengthen its capital structure. The raised capital is intended to sustain expansion across Drive Finance’s core operations, specifically within consumer finance and factoring.
Ahmed Ossama, managing director of Drive Finance, described the completion of the issuance as an important milestone in the company’s efforts to enhance its funding capabilities and support sustainable growth plans. He noted that utilizing capital market instruments improves the firm's financial flexibility and capacity to address evolving customer needs.
Remon Gaber, head of treasury at Drive Finance, emphasized that executing the transaction amid current macroeconomic challenges and geopolitical pressures demonstrated the company’s financial strength and creditworthiness. He highlighted that the issuance was supported by an ‘A-’ credit rating from Middle East Rating and Investors Service (MERIS).
The transaction involved multiple financial and legal advisers. CI Capital served as the issuance manager and promoter, while Matouk Bassiouny & Hennawy acted as legal counsel. Baker Tilly functioned as the independent auditor for the deal.
K.Bravo--HdM
