Egypt’s Ministry of Public Enterprise Sector and Holding Company for Construction and Development have given principal approval to pass management of Heliopolis Company for Housing and Development (HHD) to a strategic real estate investor, Invest-Gate reports.

The company will offer 22% of its equity in a share sale on the Egyptian Stock Exchange (EGX), half of which will be sold to the investor. The plan still needs the approval of the company’s general assembly. However, no further details were revealed on the transaction or whether any investors had expressed interest, according to a bourse filing on June 12.

There have been nagging concerns with regards to HHD’s performance for a while now; its balance sheet does not look great and the stock has gotten hammered over the past period. During the first nine months of FY 2018/19, for example, the real estate firm posted a profit of EGP 39.5 mn, down from EGP 120.4 mn in the prior-year period.

Moreover, revenues dipped to EGP 468.5 mn YoY from July 2018 to last March, compared to EGP 542.8 mn in the year-ago period. Not to mention that HDD announced back in May selling 32 land plots in Sheraton, Heliopolis, shortly after it revealed in February that the company’s board of directors approved to vend part of the developer’s land portfolio to finance its investment plan.