State-owned National Organization for Social Insurance (NOSI) submitted an offer to buy 100% of the land allocated for the Heliopark project that spans over ​​1695 acres on the Suez Road from Heliopolis Housing and Development (HHD), according to local media.

The state-owned real estate developer confirmed on Monday in an Egyptian Stock Exchange (EGX) filing that it is currently in discussions with the fund regarding the sale of the project.

In the EGX statement, the developer said that it will form a joint committee consisting of six members, with each party belonging to three members, to follow up on the implementation of the provisions of the protocol, and to introduce the necessary amendments to it, noting that the final value of the sale has not yet been determined.

The managing director and CEO of HHD will take all the necessary legal procedures, negotiate the terms of protocol, include all the necessary amendments, approve, and sign on what is best for the company.

Earlier on Tuesday, the Egyptian Government has announced its latest steps in the plan to offer shares in various enterprises. Egypt is now set to extend shares in five additional companies and water desalination plants by the end of the first half of 2024.

According to local media, the IPO program now has 35 companies that are being prepared to be offered to investors, including Egypt Telecom and Ezz El Dekheila Steel.