Saudi Arabia’s Sumou Holdings seeks stake in EHDR’s unit for EGP 29.1M

Updated 11/24/2022 9:43:00 AM

Arab FinanceEgyptians for Housing and Development Company (EHDR) received a letter from Saudi Arabia’s Sumou Holding offering the acquisition of a part of EHDR’s stake in Egyptians for Real Estate Investment Fund for around EGP 29.155 million, according to a filing to the Egyptian Exchange (EGX) on November 24th.

Through the acquisition deal, Sumou aims to enter the Egyptian market through a professional real estate investment tool.

The offered price is based on the fair value (FV) set by Serv Fund Company.

Egyptians for Housing operates in the real estate development and investment sector, focusing on buying, purchasing, dividing, and selling lands, and establishing buildings and facilities.

The company’s business also includes setting up urban expansion projects, residential and commercial complexes, and new township projects.