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Monday, 24 February 2020

Beltone, Emirates NBD tapped to manage HHD secondary offering

Beltone, Emirates NBD tapped to manage HHD secondary offering: Beltone Financial and Emirates NBD have reportedly been selected to manage the sale of a 25% stake in Heliopolis Housing & Development (HHD), Al Mal reports, citing unnamed sources close to the banks. The secondary offering will include allocating a 10% stake and management rights to a strategic private investor, while the remaining 15% stake will be sold on the EGX as part of the state privatization program.

Meanwhile, the deadline for companies to submit their bids for the 10% stake + management rights contract was yesterday. SODIC, BPE Partners, Palm Hills, and Saudi’s Dar Al Arkan are expected to have submitted bids. The company had requested that all companies submit their bids all on the same day to avoid leaks that could sway the company’s decision. HHD had said it would open all the submitted envelopes on the same day. Other companies that had shown interest include EFG Hermes, Emaar Misr, and Orascom Development Egypt (ODE), and Orascom Development.

Background: HHD had extended to February the deadline for investors to submit their bids, and had previously said it will take its secondary offering to market before May 2020. It also revealed some minor additional information regarding the naming of the chairman and managing director, as well as how many feddans it plans to sell in New Heliopolis.

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