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Wednesday, 6 June 2018

HDD seeking EGP 1 bn loan

EXCLUSIVE- Heliopolis Housing & Development in the market for a EGP 1 bn loan: Heliopolis Housing & Development (HDD), a candidate for the state IPO program, is in talks with a local bank for a EGP 1 bn facility to fund its New Heliopolis project, a company official told Enterprise. The talks are in “later stages” and the company hopes to receive the loan sometime in 2H2018. The timing of the loan was deliberate as the firm sees monetary easing and lower interest rates afoot. We noted yesterday that Madinet Nasr Housing and Development (MNHD) is also seeking a EGP 1 bn loan.

No update from Heliopolis on its sale of additional shares on the EGX. Details, including size and timing of the sale is in the hands of the Holding Company for Construction and Development and Public Enterprises Ministry, the company official said. Ministry officials had said back in April that HDD is considering the sale of another 30% of its shares under the government’s program to divest assets through share sales on the EGX.

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