Cairo – Mubasher: The Board of Directors of Madinet Nasr for Housing and Development discussed the letter received from the Sixth of October Development and Investment Company “SODIC” regarding the non-binding offer to acquire the entire capital of the company.
The company explained, in a statement addressed to the Emirati Al Dar Company, which owns the ruling stake in SODIC that submitted the offer, that the Board of Directors decided that the value of the offer is not in line with the real value of the company and its assets, and accordingly the Board did not approve the submitted offer.
She added that the board of directors decided to invite the company’s general assembly to consider conducting a due diligence study on the company.
The Board of Directors of Madinet Nasr Housing called on Al Dar to reconsider the submitted offer, and in the event that an appropriate price is reached with the fair value of the company, the company will welcome the start of the procedures for terminating the deal.
It is noteworthy that Madinet Nasr for Housing and Development achieved a net profit of 120.33 million pounds during the period from January to the end of last March, compared to a net profit of 114.49 million pounds during the same period last year.
The company’s revenues rose during the three months to 841.63 million pounds, compared to 493.13 million pounds during the same period in 2021.
And at the level of independent businesses during the first quarter of 2022 HThe company achieved profits of 120.24 million pounds, compared to profits of 115.92 million pounds during the comparable period.
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