Egypt’s Heliopolis Co. receives no offers for management rights

state-owned Heliopolis Housing and Development (HHD) receives  no offers for a partial management buyout  with  a 10 percent  stake.

The company said no offers were received on Feb. 23, the last date set for receiving offers.

As a result shares in Egypt’s Heliopolis Co. For Housing and Development fell 10% in early trading on Monday

It said earlier that an alternative plan has been put in place, and will be announced in the short term.

However, HHD announced that four companies purchased the request for proposal (RFP) document to acquire a 10 percent  stake in the company with management rights.

The companies were  Six of October Development and Investment (SODIC), BPE Partners, Palm Hills Developments, and the Saudi Dar Al Arkan.