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MNHD's OGM to consider due diligence on SODIC's acquisition request

MNHD's OGM to consider due diligence on SODIC's acquisition request
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Madinet Masr
MASR
-1.08% 3.67 -0.04
SODIC
OCDI
-2.60% 44.56 -1.19

Cairo - Mubasher: The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) will consider the offer made by Six of October Development and Investment (SODIC) to approve due diligence.

During the OGM, set to be held on 16 August 2022, the shareholders will study exercising due diligence to assess SODIC's request for the potential acquisition of MNHD, according to a bourse filing on Monday.

In early July, SODIC submitted a non-binding offer 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.

This potential acquisition will enable SODIC, supported by its shareholders of Aldar Properties and ADQ, to raise its market share and expand its development portfolio in Egypt.