By: Abdullah Bedeir

Cairo – Mubasher: Plans to float an additional stake of 25% in Heliopolis Company for Housing and Development (HHD) on the Egyptian Exchange (EGX) have been retracted, chairman of HHD’s parent company, the Holding Company for Construction and Development (HCCD) Hesham Aboul Atta said.

It was scheduled to sell 25% of Heliopolis Housing’s shares in a secondary offering, including 10% to a private equity investor, but the current conditions are making it difficult, Aboul Atta told Mubasher.

A source at Heliopolis Housing said that plans were cancelled when no bids were submitted for a 10% stake in the state-owned company with management rights.

Aboul Atta revealed that an alternative plan is being developed and will be announced within two months, noting the company will retain the management rights of Heliopolis Housing.

The plan includes a new master plan for Heliopark project and New Heliopolis City. A consulting firm will be hired to help develop the new plan, he pointed out.