Cairo – Mubasher: Madinet Nasr Housing and Development’s (MNHD) board of director has appointed Zaki Hashem and Partners Law Firm as its legal advisor for Sixth of October for Development and Investment’s (SODIC) acquisition offer.

The company hired the law firm until it receives a final offer from SODIC, MNHD highlighted in a filing to the Egyptian Exchange (EGX) on Tuesday.

MNHD’s managing director has been assigned to appoint an independent financial advisor to evaluate the offer, the company added.

On Sunday, SODIC said it was planning to present a purchase offer to acquire around 51% stake in MNHD through a share swap.

Upon the deal, SODIC would exchange one of its shares for two of MNHD’s shares, Sodic said in a statement.

Both firms would carry on operation separately and would remain listed on the EGX, the statement added.

The deal is expected to form a robust economic entity in Egypt’s real estate market that “would meet demands and offer more competitive products,” according to the statement.

“The entity will be able to develop bigger land plots in premium and geographically diverse locations,” it said.

The deal is likely to boost the business of each property developer as SODIC has a solid selling power, while MNHD has a huge portfolio of lands in Eastern Cairo.