CAIRO – 29 August 2023: State-owned real estate developer National Organization for Social Insurance (NOSI) submitted an offer to buy 100 percent of the land allocated for the Heliopark project on an area of 1695 acres on the Suez Road from Heliopolis Housing and Development (HHD), according to local media.
NOSI confirmed on Monday in an Egyptian Stock Exchange (EGX) filing that it is currently in discussions with the fund regarding the sale of the project.
The developer also stated that it will form a joint committee consisting of six members, with each party belonging to three members, to follow up on the implementation of the provisions of the protocol, and to introduce the necessary amendments to it, noting that the final value of the sale has not yet been determined in the EGX statement.
The managing director and CEO of HHD will take all the necessary legal procedures, negotiate the terms of protocol, include all the necessary amendments, approve and sign on what is best for the company.
In a recent update to its State Ownership Policy document for August, Egypt announced that it will offer to extend shares in five additional companies and water desalination plants by the end of the first half of 2024.
According to local media, the IPO program now has 35 companies that are being prepared to be offered to investors, including Egypt Telecom and Ezz El Dekheila Steel.
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