Global Courant
The Saudi company Al-Ameriahactive in real estate and tourism investment, has made an official request to acquire a majority stake in Heliopolis Housing and Development Companyaffiliated with the Egyptian public business.
The Saudi firm asked to acquire 70 percent of the entire shares of Heliopolis Company for Housing and Development for US$400 million, equivalent to LE13 billion.
News website Cairo 24 reported that the Saudi company Al-Ameriah had submitted the takeover request to the Minister of Planning and Economic Development, Hala al-Saeed, in her capacity as Chairman of the Board of Directors of the Sovereign Fund of Egypt.
The estimated price of one share will be around LE 13 as the share price of Heliopolis Company for Housing and Development is currently trading around LE 10.46.
Therefore, the offer of the Al-Ameriah company raises the share price by up to 30 percent from the official price currently being announced on the Egyptian stock exchange.
The Heliopolis Company for Housing and Development has an extensive portfolio of lands, including approximately 5,500 hectares, including land in the New Heliopolis area, 655 hectares in partnership with SODIC, 1,695 hectares for housing with integrated services and local and regional services in the HelioPark area, and about 4,000 meters of residential land in the Heliopolis area.
