By: Ahmed Allam

Cairo – Mubasher: Six of October Development and Investment (SODIC) is still open to bid for the management of the state-run Heliopolis Company for Housing and Development (HHD) if a new tender is launched on more appropriate terms, the company’s managing director Magued Sherif said.

Sherif told reporters on Wednesday that the company didn’t submit a bid for the tender launched by Heliopolis Housing for a 10% stake in the state-owned company with management rights for several reasons, mainly the lack of proper representation in Heliopolis Housing’s board.

On 24 February, Heliopolis Housing announced that no companies offered bids for its tender, noting that “an alternative plan has been put in place and will be announced in the short run.”

Moreover, Sherif added that the Central Bank of Egypt’s (CBE) initiative for subsidising mortgage funding is not applicable to SODIC’s current projects.

It is noteworthy that for the full-year 2019, SODIC reported net profits of EGP 721.24 million, up from EGP 450.9 million in 2018, including minority shareholders’ rights.