Cairo – Mubasher: The Egyptian Exchange (EGX) on Sunday has suspended trading on the stocks of Madinet Nasr Housing and Development (MNHD) and Sixth of October for Development and Investment (SODIC).
This decision follows news published in a newspaper regarding SODIC’s acquisition for MNHD through a stock swap deal. One share of SODIC will be exchanged for two shares of MNHD, the EGX highlighted in a statement on Sunday.
On Saturday, Hapi Journal revealed that the board of SODIC has offered to acquire MNHD through exchanging a share of the company for two shares of MNHD.
In April, the board of SODIC and the board of MNHD discussed collaboration proposals through merger or acquisition.
