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Wednesday, 19 August 2020

Egypt’s MNHD receives EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations

M&A WATCH- MNHD receives EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations: Madinet Nasr for Housing and Development (MNHD) has received an offer from a unnamed strategic investor to purchase its 98.4% stake in construction company Nasr Utilities and Installations (NUI) for EGP 30 mn, it said in an EGX disclosure (pdf) yesterday. MNHD will likely come to a decision on the sale at its next board meeting on 23 August.

MNHD may also be exiting El Nasr Civil Works: News of the offer comes a week after MNHD agreed to allow Odin Investments to begin due diligence on El Nasr Civil Works ahead of a possible acquisition of the real estate developer’s 52.5% stake in the company.

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