Masress : Palm Hills joins the race to compete for HHD

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Palm Hills joins the race to compete for HHD

Fatma Salah Published in Daily News Egypt on 08 - 12 - 2019

Palm Hills Developments purchased a prospectus for managing Heliopolis Company for Housing & Development (HHD) on Wednesday, bringing the number of companies competing for management to three, including Sodic and BP Partners.
Hany El-Deeb, Heliopolis Company's chairperson, told Daily News Egypt that SODIC and BP Partners obtained the prospectus following its issuance two days ago. He explained that Heliopolis Housing is looking to appoint the offering manager before the end of next December preparing the company for listing on the Egyptian Exchange. He added that contracts are to be signed with the strategic investor to sell a 10% stake in the company and put 15% on the EGX by the end of the first quarter of 2020.
It is noteworthy that the company announced two days ago a prospectus for choosing the strategic investor whose shareholding is scheduled to be 10% of the company, provided that the selection will be in early November, indicating that the strategic investor's choice will coincide with the offering process on the EGX and the total offered stake will range between 22% and 25%.
According to previous statements of Minister of Public Business Enterprises Hesham Tawfik, offering a share of Heliopolis Company to a strategic investor came at the request of individual shareholders in the company to exploit the portfolio of land owned by it, which amounts to 20m square meters.
Sources revealed earlier the terms of the bidding document and the contract for participation in the management of the Heliopolis Housing and Development Company. The tender specifies the maximum fees for the management company at 20% of the profits realized each year, and the share purchase price for the investor who wants to buy 10% of the company is the average market price at the time of purchase, and the winner will be announced on 15 January. T
he company is scheduled to receive two envelopes for the technical and financial offer, provided that the technical envelope includes the company's prior work, the proposed development plan by the partner, the proposed organisational structure for the administration, in addition to the CV of the managers of the management companies.

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