Cairo – Mubasher: Egyptians for Housing and Development Company has denied rumours about an acquisition offer by a Saudi Arabian firm on 25% of the company’s shares. 

The EGX-listed company stressed it will announce any acquisition offers it receives immediately as per listing rules, according to a stock exchange statement on Sunday.

However, it said that it is currently holding meetings with a major Saudi real estate developer to study a strategic partnership with the Egyptians for Real Estate Investment Fund (EGREF) to implement a project in partnership with the New Urban Communities Authority (NUCA).

It is worth noting that in the first nine months (9M) of 2022, Egyptians for Housing registered net profits of EGP 18.88 million, compared to EGP 25.38 million in the year-ago period, including minority shareholders’ rights.

Revenues for 9M-22 amounted to EGP 56.31 million, down from EGP 58.02 million in 9M-21.