The following data came as the disclosure sent by the company to the EGX earlier today.
Heliopolis Housing and Development (HELI) has refuted recent reports circulating in a local newspaper regarding the company's valuation. The holding company for construction and development denies the claim that Heliopolis Housing and Development has been valued at approximately EGP 20 billion for the purpose of selling a stake
In a board of directors meeting held on Tuesday, November 7, 2023, several crucial decisions were made by HELI. The following resolutions were approved:
1-Acquisition and Development of New Land: The Board of Directors has endorsed the proposals put forward by a committee assigned to capitalize on the returns from Heliopark land. The approved measures include:
purchasing a new land plot that is equivalent in prime location to Heliopark land
Allocating funds for self-construction on the new Heliopolis land.
Additionally, if the debt burden exceeds the revenue generated from the sale of Heliopark, credit facilities will be repaid.
2-Participation in Real Estate Development: HELI has thoroughly evaluated an offer submitted by a prominent real estate and tourism investment company. The proposal entails collaborating on the development of a comprehensive housing area spanning 77.19 acres in the new city of New Heliopolis, situated north of the Tenth and Eleventh Districts. In exchange for a percentage of the revenues, the investment developer presented an offer to the Board of Directors on July 31, 2023. Subsequently, the company's Board of Directors has agreed to participate at a higher percentage than originally proposed. The exact percentage will be disclosed upon the signing of the participation contract.
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