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SODIC to mull MNHD merger, acquisition offer next week

SODIC to mull MNHD merger, acquisition offer next week
SODIC is close to acquiring another 500 acres in Sheikh Zayed
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’s (SODIC) board of directors will be meeting next week to discuss Madinet Nasr Housing and Development’s (MNHD) merger or acquisition proposal.

Collaboration between both firms seems logical as SODIC is a remarkable brand with a diversified portfolio of land plots, and MNHD has a diverse portfolio in strategic areas in Cairo, Enterprise reported, citing SODIC’s managing director Magued Sherif.

Sherif noted that the right mechanism is necessary to create value for shareholders.

MNHD has a 7.3 million square metre (sqm) land portfolio in Eastern Cairo, while SODIC has a diverse portfolio distributed over Cairo and the North Coast.

SODIC’s contribution to the potential deal with MNHD is set to amount to around 8 million sqm.

SODIC is close to acquiring another 500 acres in Sheikh Zayed, Sherif pointed out.

On Tuesday, MNHD has discussed possible coordination with SODIC through either merger or acquisition.

Accordingly, SODIC on Wednesday welcomed to enter preliminary negotiations with MNHD to discuss the M&A proposal.