HHD begins hunt for private partner to take over company management: Heliopolis Housing and Development (HHD) 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, according to an EGX disclosure (pdf). HHD is lined up to sell up to 25% of its shares in a secondary offering on the EGX as part of the state privatization program. The sale will include a 10% stake that will be offered to either private equity firms or alliances of private equity firms and private real estate developers that will both invest in and manage the company’s day-to-day operations. To be qualified to submit a bid, the firm or alliance must have at least seven years of relevant experience, and financial and technical capabilities that are on par with “global standards.”

We already know that SODIC is interested, but was waiting to get more clarity on the offer terms before making a decision, SODIC CEO Magued Sherif told Reuters last month. No other companies have expressed interest, as far as we know.

Background: Shareholders approved the move at an extraordinary general assembly meeting in August. Public Enterprises Minister Hisham Tawfik recently told us that the sale will not take place before the end of the year pending the wrap-up of a handful of procedures. Tawfik told Masrawy around the same time that HHD is currently working on preparing a booklet of conditions for the offering. NI Capital, the state-owned investment bank managing the privatization program, was also scheduled to issue last month a tender to select the bookrunner for the offering.