Aman Holding has announced plans to incorporate two companies under the name “Aman” for securitization and consumer financing to complete its non-banking financial services system.
Aman Holding is a subsidiary of Raya Holding for Financial Investments, a Cairo-based investment conglomerate owned by Egyptian tycoon Medhat Khalil.
The move aligns with the company’s plans to increase the volume of small- and medium-sized enterprises financing their activities through its digital services, as well as to capitalize on the region’s rapid use of the Internet and e-commerce services.
Aman Holding is expected to issue a fourth securitization bond worth about EGP500 million ($26.7 million) to finance medium- and long-term activities in line with its plans to launch its new units.
This is in addition to the EGP1.65-billion ($88 million) securitization bond that it issued to fund long-term projects. The subsidiary also plans to invest in the consumer financing market by obtaining credit facilities ranging from EGP500 million ($26.6 million) to EGP700 million ($37.3 million).
Raya Holding is an Egyptian investment conglomerate established by Khalil. He owns 58.1 percent of the conglomerate.
Raya Holding has grown into a leading brand in Egypt since its inception in 1999, with its diverse operations generating a net profit of EGP541.4 million ($34.5 million) in 2021, compared to a net loss of EGP45.7 million ($2.9 million) in 2020.
Raya Holding announced plans earlier this year to establish a new e-payment company in collaboration with TAQA Arabia, a subsidiary of Qalaa Holdings, a leading investment firm with a focus on Africa and the Middle East.
It recently agreed to sell a 62.3-percent majority stake in its subsidiary Ostool Transport to U.S. logistics and transport management company Paradigm Logistics as part of its efforts to expand its operations with a core focus on the financial technology sector, while reducing operational costs in highly competitive industries.
The Cairo-based investment conglomerate will sell 53.95 million shares, representing a total 62.3-percent stake in Ostool Transport, for EGP266.55 million ($14.31 million) in cash, or EGP4.94 ($0.265) per share, under the terms of the agreement.
