Back to the complete issue
Thursday, 19 November 2020

MNHD signs final agreement to offload stake in Nasr Utilities

M&A WATCH- MNHD signs final agreement to offload stake in Nasr Utilities: Madinet Nasr for Housing and Development (MNHD) has signed a final agreement with an unnamed strategic investor for the sale of its 98.4% stake in subsidiary Nasr Utilities and Installations (NUI), according to a regulatory filing (pdf). Although the name of the buyer is yet to be confirmed, Mohammed Ahmed Daoud for Engineering and Industrial Investments (Daoud Group) has reportedly made an EGP 30 mn offer to acquire the stake.

MNHD could also exit El Nasr Civil Works: The state-owned company is expected to divest in another subsidiary, El Nasr Civil Works. Odin Investments is looking to make an offer for a 76-90% stake before the end of the month, we noted earlier this week.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.