Egypt’s SODIC says seeking to take over Madinet Nasr - Labarai Ingantattu

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Egypt’s SODIC says seeking to take over Madinet Nasr

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Reuters
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ID: 
1539523961689765800
Sun, 2018-10-14 12:36

CAIRO: Egypt’s Sixth of October Development and Investment Co. (SODIC) said on Sunday it was aiming to take over Madinet Nasr for Housing and Development in an exchange of shares.
The offer is conditional on SODIC acquiring at least 51 percent of Madinet Nasr’s shares, SODIC said in a statement to the stock exchange.
Madinet Nasr said in a separate statement to the bourse it had received the written offer on Sunday and would study it.
“The deal, if completed, will create a powerful economic entity in the Egyptian real estate market,” SODIC’s statement said.

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