HHD could extend deadline for stake + management bids
HHD could extend the deadline to accept bids for 10% stake + management: State-owned Heliopolis Housing and Development (HHD) could extend the deadline to accept bids to acquire a 10% stake (with management rights) after a number of companies were reported to have missed the Monday cut-off point, sources told Mubasher. The company will announce a decision on a new deadline as soon as possible, they said. It emerged on Tuesday that several local companies failed to submit bids while trying to form alliances with international companies, and want the deadline extended. Eight companies were initially reported to have been interested in the company, including our friends at SODIC, EFG Hermes, BPE, Emaar Misr, and Orascom Development Egypt (ODE).
Background: HHD was originally scheduled to compile a shortlist of companies by mid-November before going ahead with a final round in December. Public Enterprises Minister Hisham Tawfik said last month that the 10% stake on offer was part of a wider plan to offer for sale a 25% stake in the company.