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Tuesday, 18 February 2020

Four candidates will bid for HHD 10% stake + management rights on 23 February

EXCLUSIVE- Four companies expected bid for HHD 10% stake + management rights on 23 February: SODIC, BPE Partners, Palm Hills, and the Saudi Dar Al Arkan will all submit bids for the contract to take over the management of Heliopolis Housing and Development (HHD) and acquire a 10% stake in the company, Managing Director Sahar El Damaty told Enterprise. The company has requested that all companies submit their bids on the 23 February deadline to avoid leaks that could sway the company’s decision, she said, adding that the envelopes will all be opened on the same day.

The company remains on track to award the contract during 1Q2020, El Damaty said, adding that HHD has been ready to proceed with the transaction since November but agreed to the deadline extension last month after a request from one of the four candidates.

Background: HHD is seeking to sell a 10% stake to a strategic investor, which will come with management rights for the company for up to 10 years. This is part of the company’s wider privatization plan that will see it then selling 11-15% stake on the Egyptian Exchange by 3Q2020. Eight companies were previously reported to be considering a bid, including EFG Hermes, Emaar Misr, and Orascom Development.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.