11:53 AM
Tuesday 02 November 2021
I wrote – Shaima Hefzy:
Hisham Tawfik, Minister of Public Business Sector, told Masrawy that an additional share of Heliopolis Housing and Development Company will be offered on the stock exchange, by the middle of next year, after determining its financing needs.
The minister explained that Heliopolis, listed on the stock exchange, was not excluded from the proposals plan, but the offering of an additional share of it was postponed until the award of the Helio Park project because it is a huge project, and until the market reassessed the company’s capabilities.
He pointed out that the developments taking place in the company will change the view of investors about it, adding that after awarding the project, and determining the financing needs to finance the company’s plans, the time would be very appropriate to offer a share of the company.
“The company is currently working on determining its financing needs to implement its projects, and it is expected to exceed one billion pounds, and a share will be determined to be offered to raise the capital before the next half year 2022,” according to the minister.
The minister indicated that after evaluating the company, the National Investment Bank will determine the method of offering to increase the capital, either through old shareholders or new investors.
The Holding Company for Construction and Development in Heliopolis Housing Company owns about 72.3%, and about 27.7% of the company’s shares are traded on the stock exchange, according to the company’s data issued last month.
Last April, Heliopolis Housing and Development Company presented a brochure of conditions for developing lands with an area of 1,695 acres in Heliopark, in partnership with real estate developers.
The company said, last August, that it had received offers from 3 companies to develop lands with an area of 1,695 acres in Heliopark.
The offers came from Hassan Allam Real Estate Companies, Majid Al Futtaim Real Estate and Mountain View Development and Real Estate Investment.
The land of Heliopark is located on the “Cairo – Suez” desert road, between Al Rehab and Madinaty projects near the New Administrative Capital.
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