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Wednesday, 5 September 2018

SODIC-MNHD merger could be finalized this year, says B Investments’ Alaa Sabaa

** #5 M&A WATCH- SODIC-MNHD merger could be finalized this year, says B Investments’ Alaa Sabaa: The potential merger between leading real estate players SODIC and Madinet Nasr Housing and Development (MNHD) could be finalized before the year is out, B Investments founding partner Alaa Sabaa tells Al Mal. Talks over the potential merger — which began back in April — are still ongoing, he noted. MNHD CEO Ahmed El Hitamy had said in June that the transaction could take the form of a share swap, which would be the least costly and easiest option. Both MNHD and SODIC have publicly stated that the talks will not necessarily result in an agreement. B Investments holds a 27% stake in MNHD.

Meanwhile, B Investments is working on closing two acquisitions in the food and education sectors, Sabaa tells the newspaper. He had said earlier this week that his firm is planning to invest EGP 250 mn next year in the food production, energy, education, and non-banking financial services sectors. He had previously said the firm is looking to purchase a solar power plant in the Benban solar park. B Investments’ Ebtikar had acquired in May Orascom Development Egypt’s full stake in micro-financing group Tamweel in a EGP 360 mn transaction.

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