HHD prepares alternative plan for management rights

Alyaa Stohy
2 Min Read

Heliopolis Company for Housing and Development (HHD) said on Monday in a statement that they have received no interest from investors in their management rights.

The company noted it has an alternative plan to develop the company, which will be revealed shortly.

Sources told Daily News Egypt that the company may use the help of experts in the real estate sector to manage the company without the purchase of a 10% share.

HHD also wrote in a disclosure posted on the trading screens of the EGX that at the end of last week, four companies withdrew from the prospectus bidding terms for the tender. The four companies are SODIC, Palm Hills, BPI Partners, and Dar Al Arkan.

The company also mentioned that the four companies has sent over 150 questions, which were all answered in writing, before amending the contracts on the request of the bidders.

One of the companies asked to extend the deadline from 21 January 2020 to 23 February 2023, which the company approved.

HHD offered a prospectus on 25 November 2019 for a tender to choose a managing partner to lead the company and acquire 10% of its shares. The tender would also commit to improving financial results, raise profitability, and increase the stock price in the EGX.

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