Talaat Moustafa Group (TMG) Holding CEO Hisham Talaat Moustafa said his company plans to launch EGP 2 bn sukuk program in April, aiming to secure medium-to-long-term financing for its recurring projects, CNBC Arabia reports.

The CEO added that TMG Holding plans to achieve 8-10 year-on-year growth in its annual profits, as well as, sales worth of EGP 20 bn in 2020.

In April 2019, the company announced entering into an agreement to establish a mortgage finance joint venture (JV) with GB Capital, financing subsidiary of GB Auto, and EFG Hermes, in a bid to serve Egypt’s growing population of homebuyers.

The JV is currently owned by TMG Holding, but the other parties will increase the company’s capital to allow each to have one-third ownership. The company will have an initial paid-in capital of EGP 150 mn and is set to rise to EGP 250 mn as the business grows, according to a statement released on April 17.