Cairo – Mubasher: Heliopolis Company for Housing and Development on Thursday announced its board of directors approved to sell part of the firm’s land portfolio to finance its investment plan.
The Egyptian real estate firm decided to sell its 1,980-square metre land plot behind Sheraton as well as a 100-acre land plot in Heliopark City in New Cairo and 190-acre land plot in New Heliopolis City, the company said in a statement to the Egyptian Exchange (EGX).
The sale proceeds will be used in implementing Heliopolis Company’s investment plan, along with conducting financial restructuring of the company and considering a capital increase.
During the six-month period ended December 2018, Heliopolis Housing’s profits reported EGP 48.6 million, down from EGP 59.2 million in the year-ago period.
Meanwhile, the company’s revenues rose to EGP 383.3 million in the first half of fiscal year 2018/2019, against EGP 309.7 million in the corresponding period a year earlier.
Beltone Research slashed its fair value estimate for Heliopolis Housing by 64% to EGP 25.25, against EGP 70.10.
Heliopolis Housing’s stock fell 1.05% to close at EGP 20.69 on Thursday.
