Cairo – Mubasher: The Egyptian Exchange (EGX) has suspended trading on the stocks of Madinet Nasr Housing and Development (MNHD) and Sixth of October for Development and Investment (SODIC) starting from Wednesday, 23 January.
Trading on MNHD’s stock stopped as of today’s session, as well as orders, the EGX said in a statement on Wednesday.
The Egyptian bourse has suspended trading on SODIC’s stock until the company responds to its inquiries, according to a separate statement.
This decision follows the MNHD’s announcement of backtracking on acquisition with SODIC.
In October, SODIC announced that its mandatory tender offer to MNHD would be implemented through a stock swap deal. One share of SODIC would be exchanged for two shares of MNHD.
In April, MNHD unveiled its board was considering a possible merger or acquisition with SODIC.
