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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.

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