Egypt to Allow for Majority Stake in Heliopolis Housing Offer
- Maait says government to retain around 40% stake in company
- Government plans to offer stakes in 23 public-sector firms
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Egypt will offer investors the chance to take a majority stake in state-held Heliopolis Housing, Finance Minister Mohamed Maait said, as the government readies to launch a program to offer shares in public-sector firms.
The government will sell additional stakes in five companies by the end of the year, Maait said in a telephone interview. But investors will only be able to take a majority holding in Heliopolis Housing, he said, adding that Egypt will retain a roughly 40 percent share in the property developer. Around 27.8 percent of Heliopolis Housing shares are currently traded on the market.