02:02 PM
Monday 24 February 2020
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I wrote – Shaima Hefzy:
Hisham Abu Al-Ata, Chairman of the Holding Company for Construction and Development, the owner of the Heliopolis Company for Housing and Development, told Masrawy that the company was not expecting the real estate development companies to refrain from submitting offers to participate in the management of Heliopolis, because it was open to discussing the terms with potential partners.
Today, Monday, Heliopolis Housing and Development announced that it had not received any offer to manage the company in the tender it had presented to real estate developers, despite the purchase of 4 companies to outline the conditions.
The agreement to assign the management of the company to a company specialized in real estate development comes in the process of offering up to 25% of the shares of the company owned by the Holding Company for Construction and Development.
The offering includes 10% of a private equity strategic investor who specializes in real estate development or an alliance between a strategic investor and a real estate development company, according to a previous statement from the company.
Abu Al-Atta said, in exclusive statements to Masrawy, that the company presented the terms of the contract to the management of the Heliopolis Company mentioned in the tender, before real estate developers interested in participating in the management of the company, “We had no problem discussing these terms, but no one asked for this.”
He explained, “We answered all the questions that were received by the company regarding the contract and made some adjustments, in response to the discussions that took place with the interested companies, and a month and a half ago we did not write to anyone to make other amendments .. We were open to discussing any item … and because this did not happen we presented a brochure the conditions”.
“The offering has been canceled after no company has submitted offers, and we have not decided to re-bid again,” said the president of the holding company.
The head of the holding company stated that the company is studying all the alternatives offered to develop the land portfolio it owns, and has not taken a specific decision yet, but now we are developing a plan for a comprehensive development of the company to achieve maximum benefit from the assets.
After announcing not receiving any offers, the shares of Heliopolis Company for Housing and Development fell 10% during Monday’s trading on the stock exchange.
The government owns about 72% of the shares of Heliopolis Housing and Development, and the rest is distributed among insurance companies, banks and free floating shares on the stock exchange.
Heliopolis Company for Housing and Development was established in 1906, and it is affiliated to the Ministry of Public Business Sector. It works in the field of comprehensive urban development and development and implements projects in Heliopolis, Obour City, New Heliopolis, and Heliopolis.
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