Egypt’s public enterprise ministry and the Holding Company for Construction and Development have initially approved handing the management of Heliopolis Company for Housing and Development to a qualified investor specialised in real estate development.
The Egyptian firm will offer a 22% stake of its shares on the Egyptian Exchange (EGX), half of which will be sold to the main investor, according to a statement to the EGX on Wednesday.
The decision still awaits the approval of the company’s general assembly.
The Cairo-based firm aims to achieve a net profit of EGP 1.12 billion in fiscal year 2019/2020, compared to the estimated profit of EGP 283.9 million for fiscal year 2018/2019.
During the first nine months of FY18/19, the real estate firm posted a profit of EGP 39.5 million from EGP 120.4 million in the year-ago period.
Year-on-year, revenues slid to EGP 468.5 million from July 2018 to last March from EGP 542.8 million.