Informed sources told Daily News Egypt that the general assembly of Madinet Nasr for Housing and Development (MNHD) refused to allow SODIC — which is affiliated with the Emirati Al-Dar — to conduct due diligence on the company due to the low price of its land.

The sources added that the quorum of the Ordinary General Assembly was completed in the presence of 56% of the company’s shareholders and was held on Tuesday, adding that 99.69% of the shares present at the General Assembly refused to allow the Emirati company — represented by SODIC — to conduct the due diligence.

MNHD’s Board of Directors decided earlier to reject the offer submitted by Al-Dar through its subsidiary SODIC to acquire up to 100% of its shares at a maximum price of EGP 3.4 per share.

At the time, the board refused to consider the deal on the grounds that it was far below the true value of the company’s shares, saying that in the event of a price review, the due diligence procedure may be approved.

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