Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced signing the final agreement to sell its 98.4% stake in its subsidiary Nasr Utilities and Installations (NUI) to a strategic investor for EGP 30 million.

The agreement will be referred to the company’s shareholders next month for approval, the company said in a bourse disclosure on Wednesday.

During the first nine months of 2020, MNHD posted net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the year-ago period.