Cairo –  The Egyptian Financial Regulatory Authority (FRA) approved the publication of the mandactory tender offering (MTO) submitted for the acquisition of Madinet Nasr Housing and Development’s (MNHD) 52%-owned subsidiary Nasr Company for Civil Works.

The offer included 13.17 million shares or 90% of the capital of Nasr Company for Civil Works at a value of EGP 11 a share, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The MTO was submitted by Odin Investments, Odin Capital Group for Financial Investments, Egyptians Real Estate Fund, Unimix Egypt for Ready-mix Concrete, Redcon Construction, and New Smart for Industrial and Commercial Investments.

Earlier on Thursday, MNHD said it agreed with Nasr Company for Civil Works to appoint an independent financial advisor to conduct a fair value (FV) estimation report for the latter’s stock.

As the major shareholder in Nasr Company for Civil Works, the MNHD sees that the offered price of EGP 11 per share does not represent the FV of the company’s stock.

During the first nine months of 2020, MNHD reported net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the year-ago period.

Nasr Company for Civil Works incurred net losses of EGP 3.56 million in the January-September period, against net profits of EGP 11.4 million in the corresponding period a year earlier.

Source: Mubasher

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