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Ministry denies agreeing with private firm to manage Heliopolis Housing

Ministry denies agreeing with private firm to manage Heliopolis Housing

ArabFinance: Heliopolis Housing (HELI) announced Tuesday that the Ministry of Public Business Sector denied what has been published in El Mal Newspaper on June 12, regarding any agreement with a private equity company to manage the firm.

The EGX-listed company revealed that the Ministry and the holding company for construction and development agree in principle to offer a management contract to a company specialized and with good track record in real estate development, while offering 22% if its shares in the stock market, half of which to the minor investor.

The company pinpointed that all the above mentioned is subject to the approval of the general assembly with 75% majority approval on the idea presented.

 

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