Heliopolis Housing plans to float 25% of shares on Egypt’s EGX

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Cairo – Heliopolis Company for Housing and Development plans to offer 25% of its shares on the Egyptian Exchange (EGX), the real estate firm’s managing director, Sahar Al-Damaty, told Mubasher.

Around 10% of the offering will be allocated to a private equity investor specialised in property development, while the remaining amount will be offered in public and private placements, Al-Damaty added.

The plan still awaits the approval of the company’s general assembly to be held on 26 August.

The general assembly will also discuss handing the management of the real estate firm to a private investor.

It is noteworthy that the Holding Company for Construction and Development affiliated to Egypt’s public enterprise sector ministry holds a 72% stake in Heliopolis Company for Housing and Development, while the remaining 27.75% of shares are trading on the EGX.

Translated by: Zeinab Adel

Source: Mubasher

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