Cairo – Mubasher: Six of October Development and Investment (SODIC) has submitted a non-binding offer for the potential acquisition of Madinet Nasr Housing and Development (MNHD) through a mandatory tender offer.
SODIC seeks to acquire up to 100% of the share capital of MNHD at an indicative purchase price between EGP 3.20 and EGP 3.40 per share, according to a press release on Tuesday.
The mid-point of the range of EGP 3.30 values MNHD at EGP 6.18 billion ($328 million).
Through this potential acquisition, SODIC, supported by its shareholders of Aldar Properties and ADQ, seeks to raise its market share and expand its development portfolio in Egypt.
The offer is subject to the satisfactory completion of comprehensive due diligence, applicable regulatory approvals, and several other conditions, including SODIC's internal corporate approvals.
It is noteworthy to mention that in December 2021, a consortium comprising Aldar Properties and ADQ has completed the acquisition of around 85.52% of the outstanding share capital of SODIC following a mandatory tender offer (MTO).