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Wednesday, 23 October 2019

HHD is still accepting bids for 10% stake + management -Tawfik

PRIVATIZATION WATCH- HHD is still accepting bids for 10% stake + management rights, Tawfik says: State-owned Heliopolis Housing and Development (HHD) has not closed the window for private investors to submit bids to acquire a 10% stake with management rights, Public Enterprises Minister Hisham Tawfik told reporters earlier this week, according to Al Shorouk. The minister said that the previously announced cut-off point (last Monday) was not set in stone, and that HHD will continue accepting bids. Tawfik did not say whether there would be a new or final deadline.

Background: It emerged last Tuesday that several local companies failed to submit bids while trying to form alliances with international companies, and had requested more time to get everything in order. A total of three companies managed to meet the deadline, sources said at the time, without saying who the companies were. Eight companies were initially reported to have been interested in the company, including SODIC, EFG Hermes, BPE, Emaar Misr, and Orascom Development. HHD was originally scheduled to compile a shortlist of qualified bidders by mid-November before going ahead with a final round in December. Tawfik had said last month that the 10% stake on offer is part of a wider plan to offer for sale a 25% stake in the company.

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