Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has received offers from local and foreign strategic investment alliances to sell some of its land plots over areas exceeding 1.9 million square metres.

MNHD affirmed that Emaar Misr hasn’t submitted a similar offer to the company, according to a disclosure to the Egyptian Exchange (EGX) on Wednesday.

These offers are still under consideration as talks are underway with potential buyers.

The company will disclose any developments to the EGX upon reaching a final agreement.  

During the first six months of 2020, MNHD logged net profits of EGP 482 million, down from EGP 511 million a year earlier.