Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has obtained an initial offer from an investor to purchase 100% of its 98.4%-owned subsidiary Nasr Utilities and Installations (NUI).
The investor is offering EGP 30 million in consideration of MNHD’s shares and shareholder loan to the company, according to a bourse disclosure on Tuesday.
As per MNHD’s financial statements for the period ended on 30 June, NUI is fully impaired.
The property developer is in negotiations with the investor and is expected to take a decision on the matter in its next board meeting on Sunday, 23 August.
During the first half (H1) of 2020, MNHD achieved net profits of EGP 482 million, down from EGP 511 million in the year-ago period.
