Cairo – Mubasher: Heliopolis Company for Housing and Development’s extraordinary general meeting (EGM) approved handing the management of the company to an expert management company specialised in real estate development or investment.
The company to be awarded the management of Heliopolis Company for Housing and Development will acquire 10% of the real estate company’s shares, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Heliopolis Company for Housing and Development plans to list up to 25% of its shares owned by the Holding Company for Construction and Development on the EGX.
During the first nine months of FY18/19, the real estate firm’s profit retreated to EGP 39.5 million from EGP 120.4 million in the prior-year period.
