Last checked at 15 Oct 2018 09:03
Madinet Nasr Housing & Development Receives Preliminary Offer From SODIC To Acquire At Least 51% of MNHD Shares in an All-Share Deal
Madinet Nasr Housing & Development (EGX: MNHD.CA, "MNHD"), a leading urban developer in Egypt, announced today in compliance with highest levels of transparency and timely disclosures hereby discloses that it has received a letter from Six of October for Development and Investment Company ("SODIC") indicating the intention of SODIC to submit a mandatory tender offer ("MTO") on MNHD shares in a form of a share swap.
The swap ratio is preliminarily set at 2 shares of MNHD for one share of SODIC, conditional on SODIC acquiring no less than 51% of MNHD's shares.
The Company will study the proposal set forth by SODIC and will present it to the Board of Directors in its upcoming meeting.
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Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD's land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport and 5.5mn sqm in a strategic location on the Suez Road. You can learn more about us on our website at mnhd.com.
Ahmed El Hitamy
CEO
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
Tel: +2 (02) 2400-6207
aelhitamy@mnhd.com
Salah Katamish
Director of Investor Relations
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
Tel: +2 (02) 2400-6207
skatamish@mnhd.com