SODIC submits a non binding offer for the acquisition of up to 100% stake in MNHD

SODIC submits a non binding offer for the acquisition of up to 100% stake in MNHD

Cairo, Egypt, Sixth of October for Development and Investment Company S.A.E. “SODIC” has submitted a non-binding offer “NBO” for the potential cash acquisition of up to 100% of the share capital of Madinet Nasr Housing & Development (EGX: MNHD.CA) through a mandatory tender offer, in accordance with the applicable laws and regulations (the ‘Transaction’).

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), MNHD is an established real estate company, operating since 1959. MNHD ‘s operational focus is in the East Cairo area, where its two flagship projects (Taj City and Sarai) are located, with a sizeable land bank for expansion opportunities.

The strategic direction of SODIC, as supported by its Controlling Shareholders (Aldar and ADQ consortium which owns 85.5% of shares since December 2021), is to grow its market share and continue to expand its development portfolio in Egypt. The Transaction, if consummated, would expand SODIC’s footprint in the East Cairo market, widen its customer base and leverage both developers’ strengths to achieve scale and create value through a combined undeveloped land bank of c. 11 million square metres.

SODIC has addressed a Non Binding Offer to the Board of Directors of MNHD offering an indicative purchase price in the range