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Thursday, 13 June 2019

Government approves handing Heliopolis Housing management to an investor

M&A WATCH- Gov’t to offer 11% stake in Heliopolis Housing — with management rights: The Public Enterprises Ministry and the Holding Company for Construction and Development have given principal approval to hand the management of Heliopolis Housing & Development (HHD) to a private investor, Heliopolis Housing said in a bourse filing (pdf). The company will offer 22% of its equity in a share sale, half of which will be sold to the investor. The plan still needs the approval of the company’s general assembly. No further details were given on the transaction or whether any investors had expressed interest.

Background: HHD was dropped from the lineup of companies in the first wave of the state privatization program in April. Public Enterprises Minister Hisham Tawfik said in May that while the sale of an additional stake on the EGX in 4Q2019 remains a possibility, the option to develop the company in partnership with a strategic investor is also on the table.

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