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Wednesday, 16 September 2020

Heliopolis Housing amends mission statement to carry out new development plan

PRIVATIZATION WATCH- State-owned Heliopolis for Housing and Development (HHD) submitted a request to the EGX to amend its mission statement to enable it to carry out its new development plan, according to an EGX disclosure on Tuesday. The company’s general assembly agreed in an extraordinary meeting to amend HHD’s articles of association to enable it to undertake real estate development autonomously, for itself or other companies, and to establish new cities and tourism destinations. It also amended another article to enable it to distribute and sell electricity, Masrawy reports. The disclosure is currently being reviewed by the EGX’s registration committee.

Background: HHD said in July that it was scrapping plans to offer a stake of up to 25% with management rights as part of the state’s privatization program, and would work instead on a new development plan. Hesham Aboul Atta, the chairman of HHD’s parent company, the Holding Company for Construction and Development,said the plan will see the company partnering with other developers (presumably private sector players) for joint projects, without providing further details.

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