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HCHD new board develops medium, long-term development strategy - Daily News Egypt

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HCHD new board develops medium, long-term development strategy

Securitisation within scenarios company is considering to obtain financing, says El Damaty

The new Board of Directors at the Heliopolis Company for Housing and Development (HCHD) have started developing an integrated development strategy.

The move comes after three new members, all of whom boast vast experience in the real estate development business, were added to the board.

The Board of Directors is represented by Khaled Al-Adly, Non-Executive Chairperson of the Board; Tamer Nasser, Managing Director and CEO; Ismail Mahmoud, Managing Director for Technical and Executive Affairs; Sahar El Damaty, Managing Director for Financial and Administrative Affairs; and Mohamed El-Ahwani, Non-Executive Board Member.

El Damaty said the new board is currently working on a medium- and long-term plan for the company’s development, which will be announced soon.

She added that the Board of Directors is working on a concept for a financial restructuring of the company. This will include the provision of financing from self-sources to the company by selling 4-5% of the land portfolio.

The company is also considering securitisation of its clients’ debts portfolio within the new financing tools that the company may resort to. This will aid the company in bridging the financing gap, and reduce the balance of financing facilities.

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