The Saudi Al-Ameriah company, which operates in the field of real estate and tourism investment, submitted an official request to acquire a majority stake in Heliopolis Company for Housing and Development, affiliated to the Egyptian public business sector.
The Saudi company requested to acquire 70 percent of the entire shares of Heliopolis Company for Housing and Development for US$400 million, equivalent to LE13 billion.
The Cairo 24 news website reported that the Saudi Al-Ameriah company submitted the acquisition request to the Minister of Planning and Economic Development, Hala al-Saeed, in her capacity as Chairman of the Board of Directors of the Sovereign Fund of Egypt.
The estimate of the price of one share will be around LE13, as the Heliopolis Company for Housing and Development share price is currently trading at around LE10.46.
Therefore, the offer submitted by the Al-Ameriah company raises the price of the share by up to 30 percent from the official price currently announced on the Egyptian Stock Exchange.
The Heliopolis Company for Housing and Development enjoys a vast portfolio of lands, which includes about 5,500 acres, including lands in the New Heliopolis area, 655 acres in partnership with SODIC, 1,695 acres for housing with integrated services and local and regional services at the HelioPark area, and about 4,000 meters of residential land in the Heliopolis area.
