Zulficar & Partners advised Egyptians for Healthcare Services S.A.E. on the innovative, complex and tailor-made structuring, negotiation, documentation and issuance of the Sustainability-Linked Musharaka Sukuk for EGP 2.4 billion
Zulficar & Partners advised Egyptians for Healthcare Services S.A.E. on the innovative, complex and tailor-made structuring, negotiation, documentation and issuance of the Sustainability-Linked Musharaka Sukuk for EGP 2.4 billion
Zulficar & Partners (“Z&P”) is proud to have advised Egyptians for Healthcare Services S.A.E. on the innovative, complex and tailor-made structuring, negotiation, documentation and issuance of the Sustainability-Linked Musharaka Sukuk for EGP 2.4 billion issued by Al Ahly Sukuk, to finance development of part of the first phase of its pioneering state of art, smart and fully integrated medical city “CapitalMed” or “CAPMED” in Badr City, across from the New Administrative Capital. CAPMED will provide the Egyptian healthcare sector with world class medical services, through 14 specialized centers, and a remote medical consultation service, in addition to more than 4000 beds, 700 intensive care units and 70 operating rooms, serving more than 5 million patients annually. Upon completion, CAPMED will employ more than 25,000 healthcare professionals and will also include non-medical facilities serving patients and visitors, such as a hotel, a shopping mall, and transportation services to attract medical tourism.
This landmark transaction sets a significant precedent, as the first Sustainability-Linked Musharka Sukuk issuance, and the first innovative and complex tailor-made structure for a Sukuk issue to finance a green-field healthcare project in the market, signaling that Sukuk may be issued for project finance of green field projects. Finally, this issuance is a historic first for the healthcare sector. All the foregoing makes this transaction a true testament to the continuing innovation, growth and development of the debt capital market in Egypt.
Z&P wishes to congratulate Egyptians for Healthcare Services S.A.E. on the successful closing of this issuance, as well as all the parties who participated in this landmark transaction for their dedicated collaborative efforts and valuable contributions. Z&P worked alongside Al Ahly Pharos Investment Banking, which acted as financial advisor, lead manager, book-runner, and underwriter together with National Bank of Egypt, Suez Canal Bank and AlBaraka Bank. National Bank of Egypt also acted as the Placement Agent, Suez Canal Bank acted as the Payment Agent, Baker Tilly Mohamed Hilal & Wahid Abdel Ghaffar acted as transaction auditors, Middle East for Credit Rating and Investors Service (“Meris”) acted credit rating agency for the issue, EMEND acted as transaction independent engineer, and RSM Egypt acted as transaction independent financial advisor.
Zulficar & Partners team was lead by Anwar Zeidan (Founding Partner and Head of Capital Markets & Corporate Procedures Group), and Tamima Yehia (Counsel), and included Moustafa Amin (Senior Associate), Abdel Rahman Fathy (Associate), Mariam Mutawaa (Associate), Youmna Hagar (Associate), Nahla El Kholy (Associate), Emad Dyaa El-Din (Associate), Mohamed Fouda (Associate), and Sara Ibrahim (Associate), Special mention and sincere thanks go to Mr. Ashraf Ihab (legal expert), for his valuable support and contribution during the earlier phases of this transaction.
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