By: Heba El-Kordy
Cairo – Mubasher: Madinet Nasr Housing and Development’s (MNHD) stock was the most active stock in terms of traded value on the Egyptian Exchange (EGX) after it resumed trading.
By 12:20 pm Cairo time, the stock lost 2.16% to EGP 6.33.
Meanwhile, almost 8.2 million shares of MNHD were traded at a turnover of EGP 52.47 million.
Earlier this day, MNHD announced that its board of directors has suspended the merger and acquisition negotiations with Sixth of October for Development and Investment (SODIC).
The EGX earlier stated that it has suspended trading on the stocks of MNHD and SODIC starting from Wednesday, 23 January.
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.
Translated by: Mai Ezz El-Din
