Beltone Leasing and Factoring, a wholly owned subsidiary of Beltone Holding, has signed the first syndicated factoring deal in Egypt worth EGP 925m (US $29.9m) for Redcon Properties, the real estate development arm of Redcon Group.
The agreement, which aims to provide vital financial support to Redcon Properties to bolster its development portfolio, saw participation from leading factoring companies in the syndication. These include Cairo Lease, Enmaa, Misr Finance, and AUR Leasing, contributing a combined total of EGP 512.5 million. Beltone Leasing and Factoring covered the remaining EGP 412.5 million, with Banque Misr serving as the escrow bank.
