Egypt's state-run Heliopolis Company for Housing and Development (HELI) cancels plans to float additional shares in the Egyptian stock market according to HCCD head Hisham Aboul Atta. Holding Company for Construction and Development (HCCD) has planned to offer a 22-25 percent stake in a secondary offering. This has meant that 12-15 percent of the company will be sold on the EGX, with the remaining 10 percent and management rights o the company has been set to be sold to a private investor. HCCD is seeking to sign an agreement with a consultant office to set up a general plan for the company development, especially the unexploited lands. As part of the economic reform program, the government has targeted offering 15-30 percent of stakes in state-owned companies on the stock exchange (EGX) to increase funding to Egyptian companies, maximize the benefit from state assets, and attract local and foreign capital flows to Egypt.
