Heliopolis Housing and Development (HHD) announced its invitation for private investors to qualify as eligible bidders to take over the company’s management, Invest-Gate reports.

This comes after the principal approval of the extraordinary general assembly, during its meeting held by the state-owned company on 26 August, on handing its management to a private sector partner as part of the share sale process, according to a statement released on September 30.

The sale will include offering a 10% stake either private equity firms or alliances of private equity investors and private real estate developers that will both invest in and manage the company’s day-to-day operations.

The company plans to sell up to 25% of its shares in a secondary offering on the Egyptian Stock Exchange (EGX).

In late September, Reuters reported that Sixth of October Development and Investment Company (SODIC) eyes buying a 10% stake in state-run HHD, yet no other companies have officially announced their interest so far.