Public Enterprise Minister Hesham Tawfik said 22-25% of shares in Heliopolis Company for Housing and Development (HHD) will be offered on the Egyptian Stock Exchange (EGX) in the first quarter of 2020, Invest-Gate reports.

The government has been in talks for long enough about selling stakes in several state-owned companies, but has repeatedly postponed taking the initiative, Tawfik said in an official statement on November 26.

In June, Egypt’s Ministry of Public Enterprise Sector and Holding Company for Construction and Development agreed to offer 22% of HHD’s equity in a share sale – or via “a limited bidding” – on EGX, half of which will be sold to a qualified private investor.

Earlier in 2019, the government released a list of 23 state-owned companies that will make minority share offerings on EGX, coming as part of a plan to raise EGP 80 bn (USD 4.6 bn) through minority share offerings on the Cairo bourse.