Cairo – Mubasher: Heliopolis Company for Housing and Development (HHD) announced that four companies purchased the request for proposal (RFP) document to acquire a 10% stake in the state-owned company with management rights.
The companies are Six of October Development and Investment (SODIC), BPE Partners, Palm Hills Developments, and the Saudi Dar Al Arkan, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
Upon a request from one of the companies, the deadline for bid submission has been extended to 23 February from 21 January
Earlier in January, the property developer decided to extend the period of its anticipated strategic partnership contract from seven to ten years.
In August 2019, Heliopolis Housing’s extraordinary general meeting (EGM) approved handing over the management of the company to a real estate development or an investment company with a 10% stake in the company, as part of its plan to list up to 25% of its shares owned by the Holding Company for Construction and Development on the EGX.
It is worth mentioning that during the first half of fiscal year 2019/2020, the real estate developer’s net profits jumped by 623% year-on-year to EGP 351.34 million from EGP 48.6 million.
