In a shareholder meeting during a general assembly yesterday, a majority of shareholders vetoed SODIC’s request to begin due diligence
Madinet Nasr for Housing and Development’s (MNHD) shareholders have rejected Sixth of October Development and Investment Company’s (SODIC) offer to acquire 100% of MNHD, echoing the board of directors’ rejection in July on the basis that the offer did not accurately reflect its true value.
In a shareholder meeting during a general assembly yesterday, a majority of shareholders vetoed SODIC’s request to begin due diligence.
MNHD achieved strong financial and operational results during the last period, as the total contractual sales doubled during the first half of 2022 to exceed EGP 3.3 billion compared to the same period last year, according to CEO of MNDH Abdallah Sallam, quoted by EconomyPlus.
Soon after MNHD’s board of directors rejected its offer, SODIC replied that it would not revise its offer to full acquire the company without due diligence or more information. SODIC had offered to pay EGP 3.20-3.40 per share to purchase up to 100% of the state-owned developer.
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Currently, MNHD’s biggest shareholders are state-owned institutions; Holding Company for Construction and Development with a 15.2% stake, National Investment Bank with 3.7%, and Banque Misr owns 3.5%.