Cairo – Mubasher: Aldar Properties has a strategy to expand in Egypt that includes new acquisitions after failing to acquire Madinet Nasr Housing and Development (MNHD), CEO of Six of October Development and Investment (SODIC), Magued Sherif, told Al Arabiya.

The ordinary general meeting (OGM) of MNHD, an Egyptian developer in which the Egyptian government owns a 15% stake, did not allow Aldar’s subsidiary, SODIC, to carry out the due diligence on it given the low offer price.

Earlier, the board of MNHD decided to reject the offer submitted from UAE’s Aldar through its unit, SODIC, to acquire up to 100% of MNHD at a maximum value of EGP 3.40 per share.

In June 2022, Aldar Properties was reportedly studying the acquisition of a majority stake in MNHD. The potential transaction had to foster the Abu Dhabi-based company’s presence in Egypt.

Noteworthy to mention, in the first half (H1) of 2022, Aldar Properties posted net profits attributable to the shareholders worth AED 1.47 billion, compared to AED 1.06 billion in H1-21.