The Financial Regulatory Authority has revealed that it received a non-binding purchase offer from SODIC for MNHD’s shares
The Sixth of October Development and Investment Company (SODIC) is back in the M&A news stream as it announced its intention to acquire the majority stake in Madinet Nasr Housing and Development (MNHD).
According to a press release, SODIC is looking to acquire up to 100% of the share capital of MNHD at an indicative purchase price between EGP 3.20 and EGP 3.40 per share.
The Financial Regulatory Authority has revealed that it received a non-binding purchase offer from SODIC for MNHD’s shares.
SODIC announced that it will start the due diligence procedures at the earliest date.
The company is looking to expand its market share and development portfolio in Egypt with the potential acquisition.
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A consortium comprising of Aldar Properties and Abu Dhabi Developmental Holding Company (ADQ) acquired a majority stake (85.52%) of SODIC at the end of 2021.
The offer is subject to the satisfactory completion of comprehensive due diligence, applicable regulatory approvals, and several other conditions, including SODIC's internal corporate approvals.