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Tuesday, 25 August 2020

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

M&A WATCH- MNHD accepts EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations: Madinet Nasr for Housing and Development (MNHD) has accepted an offer from an as of yet unnamed investor to purchase its 98.4% stake in construction company Nasr Utilities and Installations (NUI), MNHD said in a bourse filing on Monday (pdf). The total value of the transaction is EGP 30 mn, which includes around EGP 4.9 mn for MNHD’s 98.4% stake, while the remaining amount is debts NUI owes to MNHD. The offer also covers the purchase of the remaining 1.6% stake in NUI, which is held by MNHD subsidiary El Nasr Civil Works. MNHD received the offer earlier this month. 

El Nasr Civil Works is still looking at the purchase offer for its 1.6% stake in NUI to the investor for EGP 80k, according to its bourse disclosure (pdf).

MNHD could also exit El Nasr Civil Works: MNHD agreed earlier this month 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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