Drive Finance, a subsidiary of GB Capital, the non-bank financial services arm of GB Corp, announced the successful completion of a bond issuance with a total value of EGP 1.5 billion and a maturity of 13 months. The issuance reflects the company's strategy to diversify its funding sources and strengthen its financing structure, supporting its growth and expansion plans in the Egyptian market.

The issuance comes as part of Drive Finance's ongoing efforts to leverage capital market instruments and broaden its funding base, enabling the company to meet its financing and operational requirements while strengthening its capacity to expand its core business activities, including consumer finance and factoring.

Commenting on the issuance, Ahmed Ossama, Managing Director of Drive Finance, said: "The successful completion of this issuance marks an important milestone in Drive Finance's strategy to strengthen its funding capabilities and support its sustainable growth plans. It also reflects the company's commitment to diversifying its funding sources and leveraging capital market instruments, enhancing its financial flexibility and supporting its continued expansion across its business activities, while enabling us to provide financing solutions that address our customers' needs."

Remon Gaber, Head of Treasury at Drive Finance, added: "This issuance reflects the company's continued efforts to develop and diversify its funding structure and instruments in line with its financing requirements and future plans. We believe that successfully completing this issuance amid current economic developments and geopolitical pressures demonstrates the company's financial strength and creditworthiness, as reflected in its A- credit rating."

CI Capital acted as the issuance manager and promoter, while Matouk Bassiouny & Hennawy served as the legal advisor. Middle East Rating and Investors Service (MERIS) conducted the credit rating assessment, and Baker Tilly acted as the issuance's auditor.