(2015-02-18) Heliopolis to sell LE260 m client debt portfolio
Heliopolis Co for Housing and Construction contracted Banque Misr, First Mortgage Co., and Al Ahly Mortgage Finance to sell its client debt portfolio worth LE260 million. A Source in the company told AlBorsa the agreement was signed yesterday with Banque Misr to buy a part of the clients' portfolio worth LE120 million, in addition Al Ahly Mortgage Finance bought a part of the portfolio worth LE70 million, and a similar part was purchased by First Mortgage Co. The source expected the deal to take place next week, and a part of the proceeds will be used to close the overdraft balance worth LE230 million, especially after demands from large number of shareholders, in addition to the payment of part of the dues to the new urban communities authority worth LE811 million.