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Wednesday, 26 August 2020

Egypt: Engineering firm Daoud Group to acquire MNHD’s Nasr Utilities

M&A WATCH- Engineering firm Daoud Group to acquire MNHD’s Nasr Utilities: Mohammed Ahmed Daoud for Engineering and Industrial Investments (Daoud Group) is reportedly the company that has made an EGP 30 mn offer to acquire Madinet Nasr for Housing and Development (MNHD) subsidiary Nasr Utilities and Installations (NUI), according to Hapi Journal. Daoud Group will be moving ahead with the acquisition within the next few days. MNHD’s board earlier this week greenlit Daoud Group’s offer for a 98.4% stake in the construction company, while MNHD subsidiary El Nasr Civil Works signed off yesterday (pdf) on Daoud Group’s offer for the remaining 1.6% stake in NUI.

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