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Tuesday, 17 November 2020

Odin Investments to move forward with El Nasr Civil Works acquisition this month

M&A WATCH- Odin Investments to move forward with El Nasr Civil Works acquisition this month: Odin Investments is expected to make an offer for a 76-90% stake in Madinet Nasr for Housing and Development’s (MNHD) El Nasr Civil Works before the end of the month, Odin Deputy Chairman Hashem El Sayed told Al Mal, without disclosing the expected value of the transaction. Odin in August received the go-ahead to begin due diligence on El Nasr (details here and here). MNHD owns a 52.5% stake in El Nasr, while the Holding Company for Construction & Development holds a 19.3% stake. El Nasr’s workers’ union holds 5% and the remaining shares are listed on the EGX.

Advisors: Odin tapped Professional Group’s advisory arm to act as its financial advisor on the transaction, El Sayed said.

Odin also received regulatory approval to launch its EGP 500 mn joint fund with Saudi’s Kasb Capital, El Sayed separately said, according to Amwal Al Ghad. The fund will target both retail and institutional investors, Karim Hashem, senior financial analyst at Odin, told us in August. Odin will hold a 55% stake in the new fund, while Kasb will own 45%, we also noted then.

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