Dreny & Partners in first-ever Club Memberships Securitization in Egypt

Dreny & Partners has successfully advised Arab Company for Projects and Urban Development (ACPUD), an affiliate of Talaat Moustafa Group Holding, on the groundbreaking securitization backed by a portfolio of club membership fees worth EGP 410.8 million. 

Imane Raouf, Partner and Head of Capital Markets and Financial Services, expressed excitement about introducing a unique and distinctive transaction to the Egyptian Debt Capital Market. The deal represents a significant milestone as it introduces a new segment of asset-backed securities represented by club membership fees. 

The transaction received support from EFG Hermes as the financial advisor, with Arab African International Bank (AAIB) and EFG acting as underwriters. Additionally, AAIB served as the custodian and subscription bank, while RSM Egypt (Magdy Hashish) acted as the auditor for the transaction. This collaborative effort marks a pioneering step in the Egyptian securitization market and opens doors to new investment opportunities. 

This transaction was led by Imane Raouf (partner, head of capital markets and financial services department, pictured) and further included: capital markets team: managing associate Sherine El Menyawy and associate Abdelraheem Ashraf. From the capital markets procedures team: managing associate Nagy Ebeid and junior associate Ahmed Ayman.