Saudi Arabia Makes Formal Request to Acquire Egyptian Company for a Significant Amount

Al-Amreya, a Saudi real estate and tourism investment company, has filed a formal request to acquire a majority stake in Heliopolis Housing and Development Company, a public sector affiliate.

The request submitted by the Saudi company included its intention to acquire 70% of all shares in Heliopolis Housing and Development Company for $400 million, equivalent to 13 billion Egyptian pounds.

The Egyptian website Cairo 24 reports that the Saudi company Al-Amriya has submitted an offer and a purchase request to the Minister of Planning and Economic Development, Hala Al-Saeed, in her capacity as Chairman of the Board of Directors of the Sovereign Fund. Egypt.

The price valuation per share will be around £13 as the share price of Heliopolis Housing and Development Company is currently trading at around £10.46 and so the offer submitted by Al-Amreya Real Estate Investment Company to buy the share there will be an increase of up to 30% of the official price currently announced on the Egyptian Stock Exchange.

Heliopolis Housing and Development Company has an extensive land portfolio that includes approximately 5,500 acres, primarily in the New Heliopolis area, housing and services, and 655 acres in partnership with Sodic Housing and Services Company, in addition to Helio Park. an area of ​​1695 acres for integrated housing, local and regional services and Heliopolis, about 4000 square meters Residential land.

Source: Egyptian site “Cairo 24”.

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