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Thursday, 22 September 2022

SODIC kills bid for MNHD

SODIC is no longer interested in acquiring MNHD: SODIC has called off its takeover bid for Madinet Nasr Housing and Development (MNHD) and is currently reviewing other alternatives, our friend SODIC Managing Director Magued Sherif told Bloomberg Asharq.

MNHD shareholders rejected SODIC’s bid last month, saying its EGP 6.36 bn valuation was too low. The upmarket developer had offered to pay EGP 3.20-3.40 per share to purchase up to 100% of the company, which the board said did not match its “real value.”

What now for SODIC? SODIC is looking into several alternatives to the MNHD bid, Sherif told the business news site. These include various partnerships or acquiring new land in cooperation with governmental bodies such as New Urban Communities Authority, he said, without disclosing further information.

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