The board of directors of Heliopolis Company for Housing and Development (HHD) decided to extend the deadline for receiving pre-qualification applications for the management of the company, by direct investment companies or alliances of direct investment companies and real estate developers, pending the completion of the practice prospectus.
Informed sources told Daily News Egypt that the deadline was extended until the company completes the prospectus, which includes the details of the company’s projects and the requirements for the investors to be selected and put a vision on the implementation of these projects including promotional plans, advertising and investments, and plans to train staff.
The sources pointed out that the tender is currently being prepared and is scheduled to be completed within a month or more to be ready by early December, noting that it will be available to all investors.
The sources pointed out that the investors will be selected on the basis of technical and financial offers submitted and their vision for the completion of projects according to the best scenarios while maximising the return on the assets of the company.
Early October, HHD invited direct investment and alliances consisting of direct investment companies and other specialized in real estate development, to pre-qualify the management of the company.
The company added that the pre-qualification of these companies will allow them to submit their technical and financial offers to see the management tasks, in parallel with the purchase of 10% of the company’s shares.
The move to put an additional 15% share of HHD on the Egyptian Exchange, as part of the government IPO programme, is expected to be delayed until choosing the winning company.
