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FinancialNews
15-10-18
Egypt's SODIC to issue mandatory tender on MNHD shares
(MENAFN) Egypt's Sixth of October Development & Investment Company (SODIC) is planning to issue a mandatory tender on the shares of Madinet Nasr for Housing & Development (MNHD).
The acquisition of MNHD is to be processed via direct sharp swap, enabling MNHD to stay listed on the Egyptian Exchange.
The swap ratio was unveiled to be listed at 2 shares of MNHD for a share of SODIC, given that SODIC purchases no less than 51 percent of the shares of MNHD.
The mandatory tender issue is dependent on the conclusion of due diligence and the independent financial advisor to carry out a just value report.
MENAFN1510201800450000ID1097569228
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