IPO WATCH- Heliopolis Housing planning to offer a 32.25% stake on the EGX by mid-2019: Heliopolis Company for Housing and Development (HHD) is planning to offer a 32.25% stake on the EGX by mid-2019, Sahar Al Damati, HDD’s managing director for financial affairs, told Zawya. Public Enterprises Minister Hisham Tawfik said last week that HHD was among a list of companies planning secondary offerings before Ramadan. However, Al Damati’s comments suggest that the move could instead take place in May or June. The size of the stake on offer is “waiting for the company’s board of directors approval, which is expected to be announced [in the] next few days,” she said. Heliopolis Housing was originally expected to sell a stake before the end of 2018, but the move was delayed amid the turmoil in emerging markets.

Heliopolis will sell off part of its land portfolio at an auction in the coming two months to finance its investment plans, Al Damati said. “The company decided to sell its 1,980 sqm land plot behind the Sheraton, as well as a 100 acre land plot in Heliopark City in New Cairo, and a 190 acre land plot in New Heliopolis City to implement HHD’s investment plan, along with conducting a financial restructuring of the company and considering a capital increase,” she said.