GlobalCorp receives FRA’s nod for EGP 1B short-term notes tranche

GlobalCorp Financial Services Group has obtained the Financial Regulatory Authority’s (FRA) approval to issue the second tranche of its inaugural short-term notes program, valued at EGP 1 billion, according to a press release.

The offering is part of the company's strategy to diversify its funding sources and support its expansion plans while enhancing its capacity to offer innovative financing solutions to a growing client base.

The issuance will carry a floating interest rate linked to the lending rate set by the Central Bank of Egypt (CBE), plus a fixed margin. Interest will be paid periodically over the life of the issuance, with the principal repaid in full at maturity.

Hatem Samir, Founder, CEO, and Managing Director of GlobalCorp, said: "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.”

He added: “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 affirmed that GlobalCorp will continue to leverage non-banking financing instruments to create sustainable value for shareholders and clients, while contributing to the development of Egypt's short-term debt market.

It is worth highlighting that Al Ahly Pharos Investment Banking acted as the financial advisor and lead arranger for the issuance.

Last May, GlobalCorp obtained a combined EGP 3 billion credit facility from QNB Egypt to support its financial leasing and real estate financing operations in the Egyptian market.