Cairo – Mubasher: Heliopolis Company for Housing and Development has contacted several banks to get an EGP 1 billion loan offer in order to reform its financial restructuring.
The real estate firm has approached the National Bank of Egypt (NBE), Qatar National Bank Al Ahli (QNB), and Banque Misr, Almal News reported, citing the company’s vice chairman Wael Youssef.
The board of Heliopolis Housing will discuss the banks’ offers and choose the best of them based on interest rates and terms of payment, Youssef added.
He indicated that the company plans to issue terms of a number of the projects it plans to implement in partnership with real estate developers this fiscal year, similar to its partnership with SODIC.
The extraordinary general meeting (EGM) of Holding Company for Construction & Development had approved floating a 32.25% stake in its subsidiary Heliopolis Housing on the Egyptian Exchange (EGX) within the framework of the government initial public offerings (IPOs) programme.
