Egypt's MNHD approves acquisition offer for subsidiary
The ordinary general meeting will be convened to approve the deal
By Staff Writer, Mubasher
Cairo – The board of directors of Madinet Nasr Housing and Development (MNHD) approved an offer to sell its 98.4%-owned subsidiary Nasr Utilities and Installations (NUI) for EGP 30 million.
A strategic investor offered to acquire MNHD’s stake in NIU amounting to 12.29 million shares, the MNHD’s shareholder loan to the company as of 31 July, and the 1.6% stake of Nasr Company for Civil Works in NIU totalling 200,000 shares, according to a bourse disclosure on Monday.
The managing director has been authorised to sign the sale agreement and the ordinary general meeting (OGM) will be convened to approve the deal.
In a separate bourse disclosure, Nasr Company for Civil Works said that the offer for the acquisition of the company’s 200,000 shares in NIU for EGP 0.40 apiece will be referred to the board of directors to be approved.
During the first half (H1) of 2020, MNHD achieved net profits of EGP 482 million, down from EGP 511 million in the year-ago period.
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