{"id":593615,"date":"2019-10-03T04:04:00","date_gmt":"2019-10-03T04:04:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/"},"modified":"2019-10-03T04:04:00","modified_gmt":"2019-10-03T04:04:00","slug":"hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/","title":{"rendered":"HHD invites investors to qualify for 10% stake purchase, management role"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>HHD begins hunt for private partner to take over company management: <\/b>Heliopolis Housing and Development (HHD) has invited private investors to qualify as eligible bidders to take over the state-owned real estate developer\u2019s management and acquire a 10% stake as part of its share sale process, <a href=\"http:\/\/www.egx.com.eg\/downloads\/Bulletins\/235275_1.pdf\">according to an EGX disclosure (pdf)<\/a>. HHD is lined up to sell up to 25% of its shares in a secondary offering on the EGX as part of <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/\">the state privatization program<\/a>. The sale will include a 10% stake that will be offered to either private equity firms or alliances of private equity firms and private real estate developers that will both invest in and manage the company\u2019s day-to-day operations. To be qualified to submit a bid, the firm or alliance must have at least seven years of relevant experience, and financial and technical capabilities that are on par with \u201cglobal standards.\u201d<\/p>\n<p><b>We already know that SODIC is interested<\/b>, but was waiting to get more clarity on the offer terms before making a decision, SODIC CEO Magued Sherif <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/\">told Reuters last month<\/a>. No other companies have expressed interest, as far as we know.<\/p>\n<p><b>Background: <\/b><a href=\"http:\/\/www.egx.com.eg\/downloads\/heliopolis_housing_en_27-8-2019_english.pdf\">Shareholders approved<\/a> the move at an extraordinary <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/29\/heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract\/\">general assembly meeting<\/a>in August. Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/\">recently told us<\/a> that the sale will not take place before the end of the year pending the wrap-up of a handful of procedures. Tawfik told Masrawy around the same time that HHD is currently working on preparing a booklet of conditions for the offering. NI Capital, the state-owned investment bank managing the privatization program, was also scheduled to issue <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/19\/ni-capital-to-launch-bookrunner-tender-for-hhd-secondary-offering-in-september\/\">last month<\/a> a tender to select the bookrunner for the offering.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HHD begins hunt for private partner to take over company management: Heliopolis Housing and Development (HHD) has invited private investors to qualify as eligible bidders to take over the state-owned real estate developer\u2019s management and acquire a 10% stake as part of its share sale process, according to an EGX disclosure (pdf). HHD is lined [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593616,"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":[72,157,758,83,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-private-equity","tag-real-estate","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"50706374-74de-454e-a4d2-c338fe9822bb","is_powered_by":true,"section_story_id":"c0259657-d7c8-4acf-92ae-7cdcf80435f9","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/329.jpg","photo_position":"above","related_issue":[593607],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>HHD invites investors to qualify for 10% stake purchase, management role - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HHD invites investors to qualify for 10% stake purchase, management role\" \/>\n<meta property=\"og:description\" content=\"HHD begins hunt for private partner to take over company management: Heliopolis Housing and Development (HHD) has invited private investors to qualify as eligible bidders to take over the state-owned real estate developer\u2019s management and acquire a 10% stake as part of its share sale process, according to an EGX disclosure (pdf). HHD is lined [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-03T04:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"HHD invites investors to qualify for 10% stake purchase, management role\",\"datePublished\":\"2019-10-03T04:04:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\"},\"wordCount\":286,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Heliopolis Housing and Development\",\"private equity\",\"real estate\",\"SPEED ROUND\",\"state privatization program\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/\",\"name\":\"HHD invites investors to qualify for 10% stake purchase, management role - 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Emaar Misr, SODIC, private equity firm BPE, and Orascom Development Egypt (ODE)\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":[]},{"id":593328,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/25\/more-details-on-hhd-10-stake-management-revealed\/","url_meta":{"origin":593615,"position":1},"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 &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":[]},{"id":593281,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/hhd-approves-draft-contracts-for-10-stake-management-rights\/","url_meta":{"origin":593615,"position":2},"title":"HHD approves draft contracts for 10% stake + management rights","author":"enterpriseam admin","date":"24 November 2019","format":false,"excerpt":"PRIVATIZATION WATCH- HHD approves prospectus, draft contracts 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 &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":[]},{"id":597495,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract\/","url_meta":{"origin":593615,"position":3},"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":[]},{"id":598955,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/government-approves-handing-heliopolis-housing-management-to-an-investor\/","url_meta":{"origin":593615,"position":4},"title":"Government approves handing Heliopolis Housing management to an investor","author":"enterpriseam admin","date":"13 June 2019","format":false,"excerpt":"M&A WATCH- Gov\u2019t to offer 11% stake in Heliopolis Housing \u2014 with management rights: The Public Enterprises Ministry and the Holding Company for Construction and Development have given principal approval to hand the management of Heliopolis Housing & Development (HHD) to a private investor, Heliopolis Housing said in a bourse\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":595267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/","url_meta":{"origin":593615,"position":5},"title":"Egypt could move ahead with stake sales in less than two weeks","author":"enterpriseam admin","date":"22 September 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t could move ahead with stake sales within two weeks: Abu Qir Fertilizers or Alexandria Container and Cargo Handling (ACCH) could offer stakes as part of the privatization program within two weeks\u2019 time, Public Enterprises Minister Hisham Tawfik told Enterprise. 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