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SODIC puts MNHD’s acquisition off the table, weighs alternatives

SODIC puts MNHD’s acquisition off the table, weighs alternatives

ArabFinance: Sixth of October Development and Investment Company (SODIC) (OCDI) announced that negotiations were suspended with Madinet Nasr Housing and Development (MNHD) regarding the acquisition, Asharq Business reported on September 21st, citing SODIC’s Managing Director Magued Sherif.

Sherif noted that his company is studying several investment alternatives whether in companies or lands, in partnership with government actors, including the New Urban Communities Authority (NUCA).

On August 17th, the ordinary general meeting (OGM) of MNHD rejected the non-binding offer submitted by SODIC for acquiring a majority stake in the company.

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