Heliopolis Housing and Development (HHD) sold a 1,980-feddan land plot in Sheraton, Heliopolis, for EGP 99.3 mn at auction on Saturday, the company said in an EGX disclosure (pdf). HHD’s Sahar Al Damati said in March the company is planning to sell off part of its land portfolio in the coming months to finance investment plans. HHD is among the lineup of state-owned companies planning to proceed with additional stake sales on the EGX as part of the state privatization program. The company was originally slated to be among the first, but was dropped from the first wave for unspecified reasons. It could either proceed with its planned stake sale in 4Q2019 or be sold to a “strategic investor,” Public Enterprises Minister Hisham Tawfik said last week.

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