Egypt’s Heliopolis Housing board resigns after stake sale finds no buyers

State-owned Heliopolis for Housing and Development’s (HHD) chairman and board of directors have submitted their resignations to parent company Holding Company for Construction and Development (HCCD) after failing to secure stake sales deal.

The resignations come more than a month after the company failed to attract offers for its tender to sell a 10 percent stake  and management rights, forcing it to abandon its share sale plans

HHD was planning to sell a 22-25 percent stake in a secondary offering to be completed before May, aiming to sell 12-15 percent of the company on the EGX, with the remaining 10 percentand management rights of the company to be sold to the winning bidder.