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SODIC welcomes MNHD offer

SODIC welcomes MNHD offer
SODIC is determined to expand its business
Madinet Masr
MASR
-1.08% 3.67 -0.04
SODIC
OCDI
-2.60% 44.56 -1.19

Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Wednesday welcomed to enter preliminary negotiations with Madinet Nasr Housing and Development (MNHD) to discuss possible collaboration.

SODIC is determined to expand its business and maximise return in favour of shareholders of both firms, the company said in a filing to the Egyptian Exchange (EGX).

Both firms will begin preliminary negotiations and conduct liability-free due diligence, SODIC added.

On Tuesday, the board of MNHD has discussed possible coordination with SODIC and has agreed on appointing EFG Hermes and Zaki Hashem and Partners Law Firm as the company’s legal advisors for the deal.