Bloomberg News

Heliopolis Slumps to Lowest in 2 Years After Auction Report

September 28, 2011

(Updates with closing prices in second paragraph.)

Sept. 28 (Bloomberg) -- Heliopolis Housing tumbled to the lowest in more than two years after Al Mal reported the Cairo- based real-estate developer plans to auction plots of land next week as it seeks to boost liquidity.

The shares dropped 4 percent to 13.04 Egyptian pounds, the lowest since March 2009, at the 2:30 p.m. close in Cairo.

The company wants to have liquidity that will help it continue its housing projects, the Cairo-based newspaper said. The plots of land will have areas ranging from 700 square meters (7,535 square feet) to 800 square meters, Al Mal reported, citing Chairman Fadel Al Shahawy.

Calls to the headquarters of Heliopolis Housing weren’t answered.

--Editors: Claudia Maedler, Shaji Mathew

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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