Cairo – Mubasher: The board of directors of the Housing and Development Bank (HDB) has given its preliminary approval to commence a study on splitting the bank’s shares to two companies.
The board is considering splitting the business into a real estate investment firm and a unit for banking operations, the bank said in a filing to the Egyptian Exchange (EGX) on Thursday.
In its meeting on Wednesday, the board agreed on the appointment of a financial advisor alongside a legal one to carry out the study, which will be presented to the board upon completion.
HDB owns several real estate investment firms, including the Development and Housing Company for Real Estate Investment (94.68%), El Tameer Company for Financial and Real Estate Marketing (93.75%), El Tameer Real Estate Investment Funds and Development (93.26%) and El Tameer Company for Real Estate Investment and Development (92.32%).
The bank also holds majority stakes in the Holding Company for Investment and Development, Digital Technology Solution, El Taamir for Security & Environment, Al Tameer Company for Real Estate Management, Hyde Park Properties for Development, added to other stakes in Zayed Edge and Sakan Mortgage Finance Co.
HDB’s share last traded up 0.04% to EGP 26.56 at the closing of Wednesday’s trades.
