{"id":597495,"date":"2019-07-29T03:49:47","date_gmt":"2019-07-29T03:49:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract\/"},"modified":"2019-07-29T03:49:47","modified_gmt":"2019-07-29T03:49:47","slug":"heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/29\/heliopolis-housing-calls-shareholders-meeting-to-vote-on-management-contract\/","title":{"rendered":"Heliopolis Housing calls shareholders meeting to vote on management contract"},"content":{"rendered":"

<\/a> HHD calls on shareholders to vote on handing company management to a private partner:<\/b> 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 company said in a bourse filing (pdf)<\/a>. The company plans to sell up to 25% of its shares in a secondary offering on the EGX, 10% of them to a private equity investor or an alliance of a private equity investor and a property developer. It remains unclear whether any investors have expressed interest.<\/p>\n

The company also published the head of terms for the management contract:<\/b> The contract would last for seven years and the investor would be barred from selling more than half of their shares before three years. The managing company would nominate candidates for the board chairman and CEO positions to the Holding Company for Construction and Development.<\/p>\n

The managing company would be authorized to supervise the executive operations of the company<\/b>, hire new staff including a professional sales team, institute a new marketing plan, and implement a financial restructuring of the company.<\/p>\n

The managing company would get share compensation<\/b> through an annual percentage of HHD shares at par value with a certain ceiling for the whole contract period in return for their management services. The annual percentage will be calculated based on whether the company achieves a minimum 20% annual growth in sales, profit and share price during the current fiscal year.<\/p>\n

HHD\u2019s IPO should come to fruition in mid-4Q2019,<\/b> Public Enterprises Minister Hisham Tawfik told Hapi Journal<\/a>. The managing company will also be allowed to subscribe in the private placement but will need to establish a separate company if it purchases the 10% stake as part of a consortium, Tawfik said.<\/p>\n

What could be the impact on HHD?<\/b> \u201cWe believe that the potential change in management could be positive for the company and shareholders, in light of the announced KPIs, as Heliopolis Housing has been struggling operationally and financially,\u201d Head of Research at HC Brokerage NematAllah Choucri said.<\/p>\n

Background:<\/b> The Public Enterprises Ministry and the Holding Company for Construction and Development have given principal approval last month<\/a> to hand the management of Heliopolis Housing & Development (HHD) to a private investor awaiting shareholders\u2019 approval. HHD was dropped<\/a> from the lineup of companies in the first wave of the state privatization program in April after planning to offer a 32.25% stake<\/a> on the EGX in the middle of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 company said in a bourse […]<\/p>\n","protected":false},"author":1,"featured_media":597496,"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":[72,157,153,78,83,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-hisham-tawfik","tag-ipo-watch","tag-real-estate","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"c80b2ffa-afec-444d-8786-1147da5a6b15","is_powered_by":true,"section_story_id":"633f151e-c02c-4eab-8cf6-ce76f57c4d70","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/329.jpg","photo_position":"above","related_issue":[597486],"teaser":"","voice_url":""},"yoast_head":"\nHeliopolis 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bookrunner tender for HHD secondary offering next month: State-owned investment bank NI Capital is planning to issue a tender in September to choose the bookrunner for state-owned real estate developer Heliopolis Housing and Development\u2019s (HHD) planned secondary offering on the EGX, HHD\u2019s Managing Director\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":598955,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/government-approves-handing-heliopolis-housing-management-to-an-investor\/","url_meta":{"origin":597495,"position":1},"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 "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":593281,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/hhd-approves-draft-contracts-for-10-stake-management-rights\/","url_meta":{"origin":597495,"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 "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":595267,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/egypt-could-move-ahead-with-stake-sales-in-less-than-two-weeks\/","url_meta":{"origin":597495,"position":3},"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. The companies have completed all the necessary procedures and\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\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593806,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/egypts-hhd-receives-eight-requests-for-10-stake-purchase-management-role\/","url_meta":{"origin":597495,"position":4},"title":"Egypt\u2019s HHD receives eight requests for 10% stake purchase, management role","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"Emaar, SODIC, BPE, ODE interested in HHD management: State-owned Heliopolis Housing and Development\u2019s (HHD) offer of a 10% stake in return for managing the company has piqued the interest of at least eight companies, sources told the press. Emaar Misr, SODIC, private equity firm BPE, and Orascom Development Egypt (ODE)\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":593615,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/hhd-invites-investors-to-qualify-for-10-stake-purchase-management-role\/","url_meta":{"origin":597495,"position":5},"title":"HHD invites investors to qualify for 10% stake purchase, management role","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"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\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597495","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=597495"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597495\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597496"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597495"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597495"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}