The Holding Company for Construction and Development (HCCD) has completed its efforts to form a new board of directors for the Heliopolis Housing and Development (HDD).
HCCD Chairperson, Hisham Aboul Atta, said that new experts have been appointed as HHD’s board of directors, with its full announcement to be made before the end of May.
Aboul Atta told Daily News Egypt that the company is in the process of setting the date for a general assembly in which the resignation of the previous board of directors will be accepted. The previous board of directors of HHD stepped down earlier this month.
In previous remarks to Daily News Egypt, Aboul Atta also said that this would be the first step to develop HHD. The move to appoint a new board of directors comes as part of the Ministry of Public Enterprises plan to develop the company and exploit its potential in the real estate market.
The new board will take over the development plans, which are also expected to be announced soon.
Aboul Atta noted that the board would have changed even if the stake sale plan had gone through, which the company has dismissed after failing to find investors.
HHD aims to make a profit of EGP 1.2bn by the end of the coming fiscal year 2020/2021. The company’s budget includes achieving revenues of EGP 3.074bn.