2023-06-05 09:11:46
The Moroccan Capital Market Authority has given its visa to the information document for the initial issue of the collective securitization investment fund “FT AUTO MOBILITY”, launched by Sofac, a subsidiary finance company of CIH Bank. The ceiling for the total amount of the initial issue is set at 700,785,000 dirhams.
Sofac’s objective is to diversify its means of financing and to comply with the regulatory requirements set in terms of capital, with a view to increasing the outstanding loans distributed to Auto Hall customers, underlines the note of information.
For Auto Hall, within the framework of the exclusive partnership with Sofac, the goal is essentially to facilitate access to financing for its customers. As an investor in the residual shares of the program, the interest is focused on the mode of remuneration, which allows Auto Hall to maximize the income collected on the sale of vehicles, financed by credits granted by its partner and this, throughout their lifespan.
It is expected that the “FT AUTO MOBILITY” Fund will be established on June 19, 2023. Subscription to the bonds of this fund is reserved for qualified investors under Moroccan law. The subscription period will run from 06/12/2023 to 06/14/2023.
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