Cairo – Mubasher: The extraordinary general meeting (EGM) of Heliopolis Company for Housing and Development approved the request for proposal (RFP) and the draft contract for handing over the management of the company to a strategic investor.

The company’s EGM delegated the board of directors to conduct negotiations with bidders and choose the best technical and financial bids for the acquisition of a 10% stake in the company with management rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The RFP and the attached contract will be available for purchase starting from 25 November and the virtual data room (VDR) will be accessible to bidders as of 1 December.

The deadline for sending inquiries is set on 10 December and the company will reply to these inquiries on 18 December, while the deadline for receiving formal stamped offers is on 14 January 2020.

In August, Heliopolis Housing’s EGM approved handing the management of the company to a real estate development or investment company with a 10% stake in Heliopolis Housing, as part of its plan to list up to 25% of its shares owned by the Holding Company for Construction and Development on the EGX.

The Egyptian public enterprise sector minister Hisham Tawfik previously revealed plans to hand over the management of Heliopolis Housing to a strategic investor under a seven-year contract.

It is noteworthy that the unaudited financial results of Heliopolis Housing for the first quarter of fiscal year 2019/2020 showed a 237.4% year-on-year profit hike to EGP 29.39 million from EGP 8.7 million.