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Madinet Nasr Housing mulls SODIC merger, acquisition

Madinet Nasr Housing mulls SODIC merger, acquisition
Madinet Nasr Housing is considering merging with or acquiring SODIC
Madinet Masr
MASR
-1.08% 3.67 -0.04
SODIC
OCDI
-2.60% 44.56 -1.19

Cairo – Mubasher: Madinet Nasr Housing and Development on Tuesday unveiled plans that it was considering merging with or acquiring Sixth of October for Development and Investment (SODIC).

The company further revealed that it had appointed EFG Hermes and Hisham Zaki and Partners are legal advisors for the deal.

Madinet Nasr Housing’s board has also been given the green light to enter into talks with SODIC to conduct studies for the potential deal as well as examine the fair value of the two companies, according to a filing to the Egyptian Exchange (EGX).

SODIC boasts a capital of EGP 1.37 billion distributed across 342.3 million shares at par value EGP 4 per share, whereas Madinet Nasr Housing’s capital amounts to EGP 997.1 million distributed over 997.1 million shares at par value of EGP 1 per share.

Madinet Nasr Housing and Development last reported a 21% rise in profits to EGP 933.05 million in 2017 from EGP 768.9 million the year before.

SODIC previously reported a rise in consolidated profits to EGP 598.62 million for the full year 2017 on the back of higher revenues compared to EGP 441.33 million in 2016.