ArabFinance: The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) approved the acquisition of both MINKA Developments and EGYGAB Developments, according to a statement filed to the Egyptian Exchange (EGX).

The OGM also approved the fair value (FV) studies conducted by the independent financial advisor (IFA) on the two companies.

The total FV of the two companies, MINKA and EGYGAB, has been set by the IFA at around EGP 232 million, representing the maximum value that MNHD would pay to fully acquire both companies.

Accordingly, the OGM has authorized MNHDs chairman to negotiate with the shareholders in both companies over the final value of the acquisition transaction.

It is worth noting that MNHD was ranked the 38th on Forbes list regarding the top 50 real estate developers in the Middle East and North Africa (MENA) during 2021.

In the first nine months of 2021, MNHDs consolidated revenue amounted to EGP 1.38 billion, down by 22% from EGP 1.76 billion in the same period of 2020.

MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals.

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