{"id":592106,"date":"2019-12-26T05:02:45","date_gmt":"2019-12-26T05:02:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/hhd-secondary-offering-to-be-completed-before-may-2020\/"},"modified":"2019-12-26T05:02:45","modified_gmt":"2019-12-26T05:02:45","slug":"hhd-secondary-offering-to-be-completed-before-may-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/26\/hhd-secondary-offering-to-be-completed-before-may-2020\/","title":{"rendered":"HHD secondary offering to be completed before May 2020"},"content":{"rendered":"

<\/a> PRIVATIZATION WATCH- HHD secondary offering to be completed before May <\/strong>2020: <\/strong>Heliopolis Housing & Development (HHD) will take its secondary stake sale to market before May 2020, at which time it will have handed over the 10% stake + management rights of the company to a strategic investor, the local press reports,<\/a> citing sources close to the matter. The company has begun responding to inquiries submitted by investors interested in the stake and management rights.<\/p>\n

How will the shares be valued?<\/strong> The 10% stake will be valued at \u00b110% from the previous month\u2019s average trading price, while the 11-15% stake that will be sold in the secondary offering will be offered to both institutional and retail investors on the EGX.<\/p>\n

Other tidbits of information about the company\u2019s plans:<\/strong> A new board to be formed under the new management will include nine members. The party with management rights will name the chairman and a managing director with a potentially wider mandate. The company plans to sell 190 feddans in New Heliopolis worth EGP 1.995 bn, which will mainly be used to repay a long-term debt of EGP 1.7 bn.<\/p>\n

Background:<\/strong> SODIC, BPE Partners, Palm Hills and Arkan are among those in the running<\/a> for the management rights and the 10% stake. The door for bids will remain open until 14 January. State-owned investment bank NI Capital will announce the winning bid by the end of January, Public Enterprises Minister Hisham Tawfik told us earlier.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PRIVATIZATION WATCH- HHD secondary offering to be completed before May 2020: Heliopolis Housing & Development (HHD) will take its secondary stake sale to market before May 2020, at which time it will have handed over the 10% stake + management rights of the company to a strategic investor, the local press reports, citing sources close […]<\/p>\n","protected":false},"author":1,"featured_media":592107,"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":[10995,68,72,157,125,78,10994,10993,312,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-arkan-developers","tag-egx","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-investment-watch","tag-ipo-watch","tag-placement","tag-privitiation","tag-sodic","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"07d213d0-432c-4396-9758-aa0b1cc1073a","is_powered_by":true,"section_story_id":"f0333c79-5aeb-4f5f-8f5f-62f5d34f265e","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/329.jpg","photo_position":"above","related_issue":[592096],"teaser":"","voice_url":""},"yoast_head":"\nHHD 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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":569702,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/hhd-scraps-share-sale-plans-after-management-tender-flops\/","url_meta":{"origin":592106,"position":1},"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 "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\/3\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569414,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/beltone-emirates-nbd-tapped-to-manage-hhd-secondary-offering\/","url_meta":{"origin":592106,"position":2},"title":"Beltone, Emirates NBD tapped to manage HHD secondary offering","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"Beltone, Emirates NBD tapped to manage HHD secondary offering: Beltone Financial and Emirates NBD have reportedly been selected to manage the sale of a 25% stake in Heliopolis Housing & Development (HHD), Al Mal reports, citing unnamed sources close to the banks. 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