Cairo – Mubasher: The board of Madinet Nasr Housing and Development agreed to proceed with the de-merger of two subsidiaries, according to a bourse filing.
Both El Nasr for Utilities and Installation as well as Al Nasr Company for Civil Works are expected to be split up from the real estate developer Madinet Nasr, said the company in a bourse filing, giving no grounds for this decision.
The Egyptian Exchange suspended trading on the company’s stock until the reasons behind this move are disclosed.
Madinet Nasr owns a stake of 97.5% and 52.46% respectively in El Nasr for Utilities and Installation as well as Nasr Company for Civil Works.
