{"id":570602,"date":"2020-04-07T04:29:13","date_gmt":"2020-04-07T04:29:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/hhds-board-resigns-after-stake-sale-finds-no-buyers\/"},"modified":"2020-04-07T04:29:13","modified_gmt":"2020-04-07T04:29:13","slug":"hhds-board-resigns-after-stake-sale-finds-no-buyers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/hhds-board-resigns-after-stake-sale-finds-no-buyers\/","title":{"rendered":"HHD\u2019s board resigns after stake sale finds no buyers"},"content":{"rendered":"<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>HHD\u2019s board resigns after stake sale finds no buyers:<\/strong> State-owned Heliopolis for Housing and Development\u2019s (HHD) chairman and board of directors have submitted their resignations to parent company Holding Company for Construction and Development (HCCD) after failing to secure offers for its tender for a 10% stake + management rights in February, the company said <a href=\"https:\/\/ent.news\/2020\/4\/HHD-EGX-filing-6-4-2020.pdf\">in a statement to the EGX (pdf)<\/a>.<\/p>\n<p><strong>The current board will remain in place while a new one is formed<\/strong>, the statement said, noting that HHD is \u201ccapable of self development under its current leadership.\u201d It added that HHD is formulating an alternative plan to the offering alongside forming a new board, to be approved by the general assembly in its next meeting.<\/p>\n<p><strong>Background:<\/strong> The resignations come more than a month after the company failed to attract offers for its tender to sell a 10% stake + management rights, forcing it to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618264aa-8ffd-45b8-8b1f-45107b38b3ff\">abandon its share sale plans<\/a>. HHD was <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/27\/heliopolis-housing-to-sell-22-25-stake-in-1q2020-tawfik-says-7153\/\">planning to sell a 22-25% stake<\/a> in a secondary offering to be <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/26\/hhd-secondary-offering-to-be-completed-before-may-2020-9140\/\">completed before May<\/a>, aiming to sell 12-15% of the company on the EGX, with the remaining 10% and management rights of the company to be sold to the winning bidder. Companies apparently did not want to meet HHD\u2019s requirements, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b82fe5e2-dec0-463e-b250-8ef7048b2ab9\">with Sodic saying<\/a> after the submission deadline had passed that it could not reach an agreement over key issues such as board representation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HHD\u2019s board resigns after stake sale finds no buyers: State-owned Heliopolis for Housing and Development\u2019s (HHD) chairman and board of directors have submitted their resignations to parent company Holding Company for Construction and Development (HCCD) after failing to secure offers for its tender for a 10% stake + management rights in February, the company said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":570603,"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":[2515,4607,72,157,354,312,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bpe-partners","tag-dar-al-arkan","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-palm-hills-developments","tag-sodic","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d4e76c61-5304-40c6-ac6f-74ab0888782a","is_powered_by":true,"section_story_id":"27ec0299-b9cb-4e38-b0ac-85fe8a128122","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/63.jpg","photo_position":"above","related_issue":[570588],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Former Giza governor Khaled\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":572739,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/egypts-heliopolis-housing-to-finalize-its-new-development-plan-this-week\/","url_meta":{"origin":570602,"position":1},"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 &quot;Speed Round&quot;","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":569702,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/hhd-scraps-share-sale-plans-after-management-tender-flops\/","url_meta":{"origin":570602,"position":2},"title":"HHD scraps share sale plans after management tender flops","author":"enterpriseam admin","date":"4 March 2020","format":false,"excerpt":"PRIVATIZATION WATCH- HHD scraps share sale plans after management tender flops: State-owned Heliopolis for Housing and Development (HHD) has scrapped its plans to offer a stake of up to 25% as part of the state privatization program, Hesham Aboul Atta, the chairman of HHD\u2019s parent company, the Holding Company for\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573519,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/real-estate-developer-hhd-to-announce-new-strategy-in-the-coming-two-weeks\/","url_meta":{"origin":570602,"position":3},"title":"Real estate developer HHD to announce new strategy in the coming two weeks","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"The board of EGX-listed HHD will announce a new corporate strategy in the coming two weeks, Public Enterprise Minister Hisham Tawfik said on Thursday. The semi-privatized state-owned real estate company is rethinking its development strategy following an abortive attempt at selling a 10% stake + management rights to an investor\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":574636,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/heliopolis-housing-amends-mission-statement-to-carry-out-new-development-plan\/","url_meta":{"origin":570602,"position":4},"title":"Heliopolis Housing amends mission statement to carry out new development plan","author":"enterpriseam admin","date":"16 September 2020","format":false,"excerpt":"PRIVATIZATION WATCH- State-owned Heliopolis for Housing and Development (HHD) submitted a request to the EGX to amend its mission statement to enable it to carry out its new development plan, according to an EGX disclosure on Tuesday. The company\u2019s general assembly agreed in an extraordinary meeting to amend HHD\u2019s articles\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":597495,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract\/","url_meta":{"origin":570602,"position":5},"title":"Heliopolis Housing calls shareholders meeting to vote on management contract","author":"enterpriseam admin","date":"29 July 2019","format":false,"excerpt":"HHD calls on shareholders to vote on handing company management to a private partner: State-owned real estate developer Heliopolis Housing has called an extraordinary general assembly meeting on 26 August to vote on handing the company\u2019s management to a private sector partner as part of the share sale process, the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570602"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570602\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570603"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570602"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570602"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}