Egypt's Heliopolis Housing to sell part of its holding in Nasr Real Estate Development

Zahraa Maadi offered to purchase 5% of Heliopolis Housing’s holding in Nasr Real Estate Development

  

Cairo – The board of directors of Heliopolis Company for Housing and Development (HHD) decided to sell part of its stake in Nasr Real Estate Development to Zahraa Maadi Investment and Development.

Zahraa Maadi offered to purchase 5% of Heliopolis Housing’s holding in Nasr Real Estate Development for EGP 12 million, according to a bourse statement on Tuesday.

It is worth mentioning that in the first half of fiscal year 2019/2020, Heliopolis Housing’s net profits jumped to EGP 351.34 million from EGP 48.6 million in the year-ago period.

During 2019, Zahraa Maadi reported net profits of EGP 177.08 million, up from EGP 152.56 million in 2018.

Source: Mubasher

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