Heliopolis Company for Housing & Development (HHD) set a deadline of 23 February for receiving pre-qualification applications for the management of the company, Chairperson Hany El Deeb told Daily News Egypt on Sunday.
He added that the HHD has not yet received any official offers, while it’s still responding to inquiries by direct investment companies or alliances of direct investment companies and real estate developers.
The pre-qualification of these companies will allow them to submit their technical and financial offers to see the management tasks, in parallel with the purchase of 10% of the company’s shares.
The move to put an additional 15% share of HHD on the Egyptian Exchange, as part of the government IPO programme, is expected to be delayed until choosing the winning company.
Sources close to the issue told DNE that the offering of the company will take place in the third quarter of the year after finalising the partnership agreement with a strategic investor.
HHD had decided last month to extend the management contract of the company from seven to 10 years. The general assembly of the company delegated the board of directors to negotiate with bidders and choose the best technical and financial offer.