2023-06-05 16:50:25
Monday 05/June/2023 – 07:50 PM
Al-Amreya Company, operating in the field of real estate and tourism investment in the Kingdom of Saudi Arabia, submitted a request to acquire a majority stake in Heliopolis Housing and Development Company, a subsidiary of the public business sector.
Details of a Saudi company’s request to purchase a 70% stake in Heliopolis Housing Company
The request submitted by the Saudi company included its intention to acquire 70% of the entire shares of Heliopolis Housing and Development Company for $400 million, equivalent to 13 billion Egyptian pounds, so that the price per share would be estimated at around 13 pounds, as the share price of Misr is currently trading. The new housing and development company is at EGP 10.46, and thus the offer submitted by Al-Amreya Real Estate Investment Company to buy the share is an increase of up to 30% from the official price currently announced on the Egyptian Stock Exchange.
The Saudi Al-Amreya Company submitted an offer and acquisition request to Dr. Hala Al-Saeed, Minister of Planning and Economic Development, in her capacity as Chairman of the Board of Directors of the Sovereign Fund of Egypt.
Examination of the application by the independent financial advisor
The specialized authorities entrusted the study of the application to the independent financial advisor, which is currently being conducted by NI Consulting – NI-Capital, in order to determine the fair value of the share price.
The Heliopolis Company for Housing and Development has a vast land portfolio, which includes regarding 5,500 acres, most notably in the New Heliopolis area, housing and services, and 655 acres in partnership with Sodic Housing and Services Company, next to Helio Park, 1,695 acres for integrated housing, local and regional services, and Heliopolis, with regarding 4,000 square meters of land. residential.
1685988784
#official #Saudi #request #acquire #Heliopolis #Housing #Company #million