Heliopolis Housing to move from Public Enterprises to Companies Act purview

Other things we’re keeping an eye on this morning:

• Heliopolis Housing is on course to become a joint stock company after its board of directors agreed (pdf) yesterday to remove it from the purview of the Public Enterprises Act, and bring the EGX-listed company within the scope of the Companies Act instead. The change of status comes after amendments to the Public Enterprises Act enabled companies in which that state owns less than 75% to be reclassified as “law 159” enterprises, giving company execs to manage the business according to market norms.