Heliopolis Housing and Development (HHD) announced that it has invited private investors to qualify as eligible bidders to take over the state-owned real estate developer’s management and acquire a 10% stake as part of its share sale process. The company is lined up to sell up to 25% of its shares in a secondary offering on the EGX as part of the state privatisation programme. To submit a bid, the firm or alliance must have at least seven years of relevant experience, and financial and technical capabilities that comply with global standards. Public Enterprises Minister Hisham Tawfik has recently said that the sale will not take place before the end of the year.
Heliopolis Housing: EGP26.34 as of 2 Oct. 2019, Rating: Buy, TP: EGP40.00/share, MCap: USD721mn, HELI EY/HELI.CA
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