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Thursday, 31 October 2019

HHD to decide draft contracts for stake sale + management next month

PRIVATIZATION WATCH- HHD to decide on draft contracts for 10% stake + management rights next month: Heliopolis Housing and Development (HHD) has called for an extraordinary general assembly on 23 November to approve draft contracts for a 10% stake sale that includes management rights to the company, the company said in a regulatory filing (pdf). Public Enterprises Minister Hisham Tawfik has said that the state-owned company would award the management rights in January or February. 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.

HHD is also re-auctioning 50 acres of land plots in Shorouk City, according to a bourse filing (PDF). The date for the auction has yet to be decided. The company had auctioned an undisclosed number of land in Shorouk City, with the size ranging between one and 30 feddans in size and can be used for residential, administrative, or commercial purposes.

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