Al Futtaim Retail in talks to borrow EGP3bn from local banks
Al Futtaim Retail, a subsidiary of Al Futtaim Group, is in talks with some local banks to borrow EGP3bn to be channeled to restructuring existing loans obtained from local lenders, according to sources familiar with the matter. Sources said that Al Futtaim has addressed many banks including National Bank of Egypt (NBE), Banque Misr, Emirates NBD, Commercial International Bank (CIB) and HSBC. The company has asked to repay the new loan over 12 years. (Al Mal) CIB: EGP42.60 as of 29 May 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,535 million, COMI EY / COMI.CA
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