Last checked at 10 Dec 2018 13:36
Response to SODIC Disclosure on 9 December 2018
Madinet Nasr Housing & Development (EGX: MNHD.CA, "MNHD"), a leading urban developer in Egypt, announced today that reference to Six of October Development and Investment ("SODIC")'s disclosure on 9 December 2018 pertaining the payment of EGP 800 million as a settlement with the Illicit Gains Authrotiy (IGA),
And reference to SODIC's disclocure on 14 November 2018 pertaining to an inkind payment of 50% of Al Yosr land plot to change land usage from agricultural to residential.
MNHD's board of directors in the meeting held on 9 December 2018 has indicated that MNHD is still keen on the transaction with SODIC with all the strategic and longterm benefits it brings to both companies, but will study how these changes will affect the current and future financial position for SODIC and in turn how this will affect the swap ratio.
MNHD's board of directors would also like to cofirm that these changes have no impact on MNHD's financial situation, will not trigger any future liabilities on MNHD.