Heliopolis Company for Housing and Development (HHD) has decided to extend the period of its anticipated strategic partnership contract with an investor to manage the company from seven to ten years.
The decision came in response to the requests of the bidding companies, HHD revealed in a statement to the Egyptian Exchange (EGX) on Sunday.
Last November, the company’s extraordinary general assembly meeting (EGM) approved the request for proposal (RFP) and the draft contract for handing over the management of the company to a strategic investor.
The latest EGM delegated the board of directors to hold negotiations with bidders and choose the best technical and financial offers for the acquisition of a 10% stake in the company with management rights, as it approved in its previous meeting last August.
It worth noting that HHD achieved a net profit of EGP 29.39 million between July and September 2019.