EHDR denies receiving acquisition offer from Saudi company

Updated 10/2/2022 12:09:12 PM

Arab Finance: Egyptians for Housing and Development Company (EHDR) denied receiving an offer from a Saudi company for 25% of the company’s shares at the average price of the last 6 months, according to a filing to the Egyptian Exchange (EGX) on Sunday.

The company revealed that it is currently engaging in talks with a major Saudi company operating in real estate development for a strategic partnership with the Egyptians Real Estate Fund.

The partnership will include the development of a project in collaboration with the New Urban Communities Authority (NUCA).

On September 5th, EHDR (the merging company) decided to combine business with five companies.