Egypt cancels plans to float additional shares in Heliopolis Housing

Egypt’s Holding Company for Construction and Development (HCCD) is cancelling plans to float additional shares in Heliopolis Company for Housing and Development on the local stock exchange, its chairman said on Tuesday.

HCCD planned to offer a 22-25 percent stake of Heliopolis Company in a secondary offering, including a 15 percent stake on the Egyptian stock exchange (EGX) and 10 percent of management rights were to be sold to a private investor.

The company is looking to sign a contract with a consultant office to set up an overall development plan for Heliopolis Company, including a better handling of the unexploited lands, HCCD chairman Hisham Aboul Atta said.