Two sources told “Al-Sharq” that the shareholders of Nasr City for Housing During the company’s ordinary general assembly, they refused to allow the Sixth of October Development and Investment Company (SODIC)The third largest real estate company listed on the Egyptian Stock Exchange, and affiliated with For Emirates Real Estate AldarConducting a due diligence examination of the company in preparation for an official takeover offer.
In early July, SODIC made a non-binding offer to acquire 100% of the shares of Madinet Nasr for Housing and Development, in a deal that might amount to EGP 6.18 billion if successful, with an average indicative price of EGP 3.30 per share.
But the Nasr City board of directors demanded, later last July, that the UAE real estate company, Aldar, reconsider the offer and price submitted to acquire the company’s shares, describing the value of the offer as “not in line with the real value of the company and its assets,” according to a statement sent to The Egyptian Stock Exchange.
The Egyptian “Nasr City” calls on the Emirati “Al Dar” to review the acquisition offer
The Egyptian government owns a 15% stake in Nasr City, while BEG Investments owns regarding 20%, and B Investments Holdings holds 7.45% of the company’s shares.
The stock of Madinet Nasr Housing in the Egyptian Stock Exchange closed at EGP 2.40, down by 3.6%, controlling the second highest trading value in the stock market.
Nasr City targets real estate sales of 6 billion pounds, raises prices 15%
Madinet Nasr Housing has developed up to 35% of its land portfolio of 9.5 million square meters, and aims to develop the remaining percentage over the next five years, according to Abdullah Salam, the company’s managing director and CEO, in an interview with “Al Sharq” last June. .
With 6 billion pounds, the “Emirati House” alliance seizes the Egyptian “SODIC”.
The real estate sector represents regarding one-fifth of the Egyptian GDP, and is witnessing a steady growth, supported by an increase in the population of two million people annually, in addition to the movement of movement from the countryside to the cities at a rate of 2% annually.
