By: Heba El Kordy
Cairo – Mubasher: Madinet Nasr Housing Development’s (MNHD) and Sixth of October Development and Investments’ stocks traded higher on Sunday, leading the Egyptian Exchange’s (EGX) blue chips after the Financial Regulatory Authority (FRA) agreed to extend the grace period for SODIC to acquire Madinet Nasr Housing. FRA’s decision came out earlier on Sunday.
By 12:25 pm Cairo time, MNHD’s stock grew 2.97% to EGP 6.93, after over 4.2 million shares were exchanged at a turnover of EGP 30.8 million, while SODIC’s stock gained 4.3% to EGP 14.3 after 1 million shares changed hands, generating EGP 14 million.
In the meantime, the EGX30 benchmark index grew 1.59% to 13,579 points.
Earlier on Sunday, MNHD’s stock had jumped 4.46% to EGP 7 per share.
Earlier in January, SODIC requested an extension to its mandatory tender offer (MTO) of no more than 60 days to acquire MNHD’s shares.
In October, SODIC said it was looking to acquire 51% of MNHD, who in turn announced appointing Zaki Hashem and Partners Law Firm as its legal advisor for the potential acquisition.
