{"id":569454,"date":"2020-02-25T04:42:02","date_gmt":"2020-02-25T04:42:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/hhd-pauses-10-stake-management-contract-amid-conflicting-reports-of-offers\/"},"modified":"2020-02-25T04:42:02","modified_gmt":"2020-02-25T04:42:02","slug":"hhd-pauses-10-stake-management-contract-amid-conflicting-reports-of-offers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/25\/hhd-pauses-10-stake-management-contract-amid-conflicting-reports-of-offers\/","title":{"rendered":"HHD pauses 10% stake + management contract amid conflicting reports of offers"},"content":{"rendered":"

<\/a> PRI<\/strong>VATIZATION WATCH- HHD to pause share sale plans after finding no bidders for 10% stake + <\/strong>management rights:<\/strong> State-owned Heliopolis for Housing and Development (HHD) is preparing an \u201calternative plan\u201d to offer a 10% stake and management rights to a private investor, saying it didn\u2019t receive any offers on Sunday, the deadline for any interested parties,according to a regulatory filing (pdf)<\/a>. HHD has a contingency plan for this scenario, Managing Director Sahar El Damaty told Enterprise without elaborating.<\/p>\n

What went wrong?<\/strong> The apparent lack of interest could be an indication that there\u2019s a lack of liquidity among real estate players, real estate analyst Ahmed Ezzeldin told Enterprise, or that some parties had been interested, but ultimately decided they couldn\u2019t deliver on HHD\u2019s requirements.<\/p>\n

There are conflicting accounts of whether or not anybody bid on the tender:<\/strong> HHD said in its filing that it didn\u2019t receive any offers, but sources in the investment banking community with whom Enterprise spoke said it is widely believed that SODIC, BPE Partners and Palm Hills actually did submit offers. The three companies, along with Saudi\u2019s Dar Al Arkan, had widely been expected to make bids<\/a> in the tender after purchasing the conditions booklet, El Damaty told Enterprise previously. The contradicting accounts have sown confusion in the market, Pioneers Holding analyst Mohamed Gaballah told us.<\/p>\n

The news hit real estate shares on the EGX yesterday. <\/strong>HHD plunged 9.7% to close at EGP 17.01, according to EGX data<\/a>. The company\u2019s share price could drop to as low as EGP 14.70 if it breaks the EGP 17 barrier, Naeem Securities\u2019 head of technical analysis Ibrahim El Nemr tells Reuters<\/a>. SODIC\u2019s shares dropped 4.7% to close at EGP 12.34, and Palm Hills shares were trading at EGP 1.41 apiece by market close, down 5.2%. The debacle also dragged down other real estate shares, including Talaat Moustafa Group (-2.9%), Orascom Development (-6.8%), and MNHD (-3.76%).<\/p>\n

So, what\u2019s next?<\/strong> Analysts suggest that HHD could move ahead with a secondary offering on the EGX. The company had been planning to sell a 25% stake \u2014 including 10% to a strategic investor and 15% on the bourse \u2014 and could simply scrap the strategic investor part of that plan, Naeem Holdings analyst Mohamed Nabil tells Masrawy<\/a>. Nabil says it\u2019s unlikely that HHD will re-issue the tender under different terms, but could simply decide to increase its joint projects with private sector players.<\/p>\n

There could be another route toward private-sector involvement:<\/strong> Amendments to the Public Enterprises Act, which cabinet is currently preparing<\/a>, would remove listed companies in which the government owns a 75% stake from the legislation and would bring them within the scope of the Companies Act instead. The law in its current form only applies that stipulation to companies the government holds a 50% stake in. \"The whole point of the secondary offering was to cut the government's current 72% stake in HHD to below 50%\" so that the company would be governed by the Companies Act, El Damaty said.<\/p>\n

Why does the legislation matter?<\/strong> If the amendments are passed by cabinet and the House of Representatives, HHD would be considered a private corporation, thus giving its general assembly more flexibility to deliver results.<\/p>\n

Where the legislation currently stands:<\/strong> The government was split on expanding the purview of general assemblies, Public Enterprises Minister Hisham Tawfik had said<\/a>. Tawfik has lobbied for the legislation to be approved, saying that it\u2019s necessary to be able to \u201cchange incompetent management.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

PRIVATIZATION WATCH- HHD to pause share sale plans after finding no bidders for 10% stake + management rights: State-owned Heliopolis for Housing and Development (HHD) is preparing an \u201calternative plan\u201d to offer a 10% stake and management rights to a private investor, saying it didn\u2019t receive any offers on Sunday, the deadline for any interested […]<\/p>\n","protected":false},"author":1,"featured_media":569455,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[68,72,157,274,79,2380,7096,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egx","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-house-of-representatives","tag-public-enterprises-ministry","tag-speed-round","tag-stake","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"618264aa-8ffd-45b8-8b1f-45107b38b3ff","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/316.jpg","photo_position":"above","related_issue":[569449],"teaser":"","voice_url":""},"yoast_head":"\nHHD 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for 10% stake + management rights: Heliopolis Housing and Development (HHD) has approved in an extraordinary general assembly yesterday draft contracts for handing management rights to a private sector investor, as well as a prospectus for a 10% stake sale to the same\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568978,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/no-official-bids-yet-for-for-10-stake-in-hhd-management\/","url_meta":{"origin":569454,"position":1},"title":"No official bids yet for for 10% stake in HHD + management","author":"enterpriseam admin","date":"10 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- No official bids yet for for 10% stake in HHD + management: Heliopolis Housing and Development (HHD) is yet to receive any formal offers from investors interested in acquiring a 10% stake with management rights to the company, HHD Chairman Hany El Deeb said, according to the local\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593328,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/25\/more-details-on-hhd-10-stake-management-revealed\/","url_meta":{"origin":569454,"position":2},"title":"More details on HHD 10% stake + management revealed","author":"enterpriseam admin","date":"25 November 2019","format":false,"excerpt":"PRIVATIZATION WATCH- Key conditions for HHD 10% stake + management revealed: Private investors interested in taking over management at Heliopolis Housing and Development (HHD) will receive up to 20% of the state-owned company's annual profits in management fees, according to sources who briefed the local press yesterday about the draft\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572739,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/egypts-heliopolis-housing-to-finalize-its-new-development-plan-this-week\/","url_meta":{"origin":569454,"position":3},"title":"Egypt\u2019s Heliopolis Housing to finalize its new development plan this week","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"PRIVATIZATION WATCH- HHD\u2019s new development plan will be finalized this week: State-owned Heliopolis for Housing and Development (HHD) expects to finalize this week its new strategy to develop the company after scrapping plans to sell a stake with management rights earlier this year, Hesham Aboul Atta, the chairman of HHD\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594497,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/hhd-to-decide-draft-contracts-for-stake-sale-management-next-month\/","url_meta":{"origin":569454,"position":4},"title":"HHD to decide draft contracts for stake sale + management next month","author":"enterpriseam admin","date":"31 October 2019","format":false,"excerpt":"PRIVATIZATION WATCH- HHD to decide on draft contracts for 10% stake + management rights next month: Heliopolis Housing and Development (HHD) has called for an extraordinary general assembly on 23 November to approve draft contracts for a 10% stake sale that includes management rights to the company, the company said\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569237,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/four-candidates-will-bid-for-hhd-10-stake-management-rights-on-23-february\/","url_meta":{"origin":569454,"position":5},"title":"Four candidates will bid for HHD 10% stake + management rights on 23 February","author":"enterpriseam admin","date":"18 February 2020","format":false,"excerpt":"EXCLUSIVE- Four companies expected bid for HHD 10% stake + management rights on 23 February: SODIC, BPE Partners, Palm Hills, and the Saudi Dar Al Arkan will all submit bids for the contract to take over the management of Heliopolis Housing and Development (HHD) and acquire a 10% stake in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed 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