The board of directors at the Heliopolis Housing and Development Company (HHD) has submitted its resignation to the Holding Company for Construction and Development (HCCD). The company said in a statement on Sunday that a new board of directors will be formed in accordance with the company's self-development plan, provided that the general assembly will be called upon to approve the appointment. This is due to the inability to assign the HHD's management to a company with experience in the development and real estate development field. Hisham Aboul Atta, HCCD Chairperson, said this is the first step in the company's self-development, adding that the company is now in the process of appointing a new board of directors. Upon its formation, it will be submitted to the general assembly for approval, which would happen as soon as possible. Aboul Atta told Daily News Egypt that the board, in its new formation, will take over the tasks laid out under the soon-to-be-announced development plan. He explained that in all cases, the board of directors would have been changed in case the previous development plan succeeded through a “strategic developer", but this plan was cancelled after the investors failed it. The HHD announced that it will target EGP 1.2bn profits by the end of next fiscal year (FY) 2020/21. The draft budget for FY 2020/21 targets to achieve total revenues of EGP 3.074bn. The company's board of directors has already approved the draft budget, in which the total surplus before taxes is projected to reach EGP 1.6bn. The draft budget will be presented to the general assembly for approval after review by the Central Auditing Authority.
