SHUAA Securities Egypt’s latest report showed that real estate stocks declined in February due to “the unclear vision about Heliopolis Company for Housing and Development’s future moves,” Invest-Gate reports.
The real estate company did not manage to sell its management rights and 10% of its shares before the last date set for receiving offers, the report added.
Although the firm announced a decision to develop itself internally that the vision cleared a bit before the end of February, “the stock had already stumbled, pressuring the whole sector down,” SHUAA noted.
The company is one of the subsidiaries of the Holding Company for Construction and Development affiliated to the Ministry of Public Enterprise Sector and is among the lineup of state-owned companies planning to proceed with additional stake sales on the Egyptian Exchange (EGX), as part of the state privatization program.