ArabFinance: Qatar National Bank Alahli (QNB Al Ahli) (QNBA) announced the rights issue of Madinet Nasr Housing and Development (MNHD) was oversubscribed at a coverage ratio of 97.5%, according to a statement filed to the Egyptian Exchange (EGX).
Under the rights issue, nearly 365.046 million shares, out of the total offered 374.4 million shares, were oversubscribed at a total value of EGP 365.046 million, the bank added.
It is worth noting that the company’s issued capital is set to increase by EGP 374.4 million through the issuance of 374.4 million shares at a nominal value of EGP 1 per share.
MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals.