Egypt’s Heliopolis Housing to finalize its new development plan this week
PRIVATIZATION WATCH- HHD’s new development plan will be finalized this week: State-owned Heliopolis for Housing and Development (HHD) expects to finalize this week its new strategy to develop the company after scrapping plans to sell a stake with management rights earlier this year, Hesham Aboul Atta, the chairman of HHD’s parent company, the Holding Company for Construction and Development, told the local press. HHD will present the plan to Public Enterprises Minister Hisham Tawfik next week, Aboul Atta said.
What to expect: The plan will see HHD partnering up with other developers (presumably private sector players) for joint projects, Aboul Atta said, without providing further details.
Background: HHD scrapped its plans to offer a stake of up to 25% as part of the state privatization program in March, leading the company to decide it will work on a new development plan from within the company. The offering was initially set to include the sale of a 10% stake to a strategic investor, along with management rights, and another 15% on the bourse in a secondary sale. The tender for the 10% stake + management rights failed to attract bids in February.