One-time rerate if 28% convertible bond buyback approved
The MCB buyback is significant and should push the stock if approved. Tabreed’s shareholders will consider in its 7 June EGM whether to buy back 28% of its mandatory convertible bond (MCB), a move likely to trigger a price rally. Aside from the resultant cancellation of shares, in our view, the buyback signals Tabreed’s interest to protect minority investor rights. Mubadala’s 2010 issue of
the AED3.1bn MCB was followed with sporadic conversion, the most recent of which occurred in June 2014.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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