Sodic Announces Intention to Acquire MNHD
Sixth of October Development & Investment Company “SODIC” announced today that its board of directors has agreed that the company preliminarily intends to launch a mandatory tender offer on the shares of Madinet Nasr for Housing & Development “MNHD” through a direct share swap (a securities swap only), allowing MNHD to remain listed on the Egyptian Exchange. The swap ratio is preliminarily set at 2 shares of MNHD for one share of SODIC, provided that SODIC acquires a percentage not less than 51% of MNHD’s shares.
The launching of the mandatory tender offer relies on the completion of due diligence and the independent financial advisor to conduct a fair value report. The deal if consummated, brings the combined entity's total undeveloped land bank to over 15 million square metres with over 15 years of development visibility, and creates one of the largest real estate developers in Egypt. In a fragmented real estate market, the combined entity would consolidate a wealth of experience, as well as sales and execution capabilities of both companies. This coupled by the diversified and prime land bank of both entities is expected to unlock operational and financial synergies for the shareholders.
At SODIC, we aim to continuously outdo ourselves in all aspects of our work. SODIC has graduated from simply developing a community, to becoming a society. Moving from real estate, to real societies.
We believe in the essence of a true “society“, in the power of art, sports, culture, sustainability and knowledge, to name a few. SODIC is a place maker. Building on our vision of Human Developments, we aspire to create holistic communities that reflect credibility, innovation and value, for all our stakeholders.
The SODIC Society - the society everyone wants to be a part of.
Buy credits to publish your articles on Al Bawaba Biz here