|23 January, 2019

Egypt bourse resets SODIC, MNHD prices after merger called off

MNHD said in a letter seen by Reuters on Tuesday that it had called off the planned deal

SODIC headquarters.

SODIC headquarters.

Sodic/Handout via Thomson Reuters Zawya

CAIRO- The Egyptian Exchange on Wednesday cancelled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).

The move followed SODIC's decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. 

MNHD shares fell 2.6 percent after resuming trade while SODIC's shares remained suspended pending a response to enquiries, the exchange said on its website.

SODIC shares opened at 13.2 Egyptian pounds ($0.74) per share on Tuesday, while MNHD opened at 6.56 pounds ($0.37).

($1 = 17.9000 Egyptian pounds)

(Reporting by Ehab Farouk; writing by Aidan Lewis; editing by Susan Fenton) ((Aidan.Lewis@tr.com; +20-1001174410;))

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