The shareholders of Egyptian developer Madinat Nasr for Housing & Development (MNHD) has have voted to reject a request by Sixth of October Development & Investment Company (SODIC) to perform due diligence on MNHD.

In July, SODIC, which is owned by Abu Dhabi-based Aldar-ADQ consortium, had made a non-binding offer for an acquisition of up to 100 percent of MNHD’s shares.

MNHD said in a press statement that the General Assembly’s decision was in line with the Board of Directors’ recommendation. It said The Board made its decision in light of its conviction that SODIC’s offer did not reflect the real value of MNHD’s business, including the Company’s highly attractive asset base, land bank, strategic capabilities, and growth prospects.

The statement said that the company’s gross contracted sales for the first six months of 2022 had touched 3.3 billion Egyptian pounds ($172 million), double of that achieved for the same period last year.

(1 US Dollar = 19.17 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)