Heliopolis Housing and Development (HHD) (HELI) announced that its board of directors has agreed to sell a financial portfolio at a total nominal value of around EGP 409 million to Export Development Bank of Egypt (EBE) (EXPA), according to a statement filed to the Egyptian Exchange (EGX).
The portfolio has a current value of nearly EGP 320 million, the statement revealed.
This comes as part of the company’s strategic plan to diversify sources of financing and to provide the necessary liquidity to implement the investment plan of the company and complete its ongoing projects.
HHD is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, as well as projects’ planning and supervising. This is in addition to the construction of houses, hotels, holiday resorts, and hospitals.