MNT-Halan tops EGP 4B in securitizations ahead of October EGX listing

CAIRO — MNT-Halan has completed a series of securitization issuances exceeding EGP 4 billion, roughly $83 million, by the end of the third quarter.

The issuances were split across its lending arms. Halan Consumer Finance accounted for EGP 528.5 million, while Tasaheel issued EGP 1.2 billion and EGP 2.28 billion across two tranches. A CI Capital and Al Ahly Pharos consortium advised, MERIS assigned an A- rating, Matouk Bassiouny and Hennawy acted as legal counsel, Baker Tilly audited, and Capital for Securitization structured the deals.

The securitizations land as MNT-Halan prepares to list. Commercial International Bank has signed a cornerstone agreement, dated 24 September, to buy up to EGP 2 billion of shares in the proposed EGX offering of 320 million shares, a fully secondary sale of 20 percent. Citi and EFG Hermes are joint global coordinators, the parent is putting up to EGP 4 billion in via a closed capital increase at the offer price, and the IPO is expected to wrap in October. Chief executive Mounir Nakhla framed CIB as joining as a shareholder after more than 15 years as a partner.

Watch whether the EGX debut prices cleanly in October; a completed listing would reopen the public-market path for Egypt's late-stage fintechs.

Zawya first reported the issuances.