Cairo – Mubasher: Madinet Masr for Housing and Development Company stated that its management did not receive any letters regarding an acquisition by the Saudi sovereign fund, according to a bourse filing.
The Egyptian Exchange (EGX) listed developer made this announcement regarding news claiming that Saudi Arabia’s Public Investment Fund (PIF) intends to acquire Madinet Masr at an indicative price ranging from EGP 4.30 to EGP 4.60 per share.
The real estate developer further noted that it will notify the EGX in case of receiving any letter in this regard.
Earlier in October, the company expected its sales to surpass EGP 20 billion driven by selling more than 2,400 units in different projects.
In the first half (H1) of 2023, Madinet Masr achieved consolidated net profits worth EGP 580.23 million and sales of EGP 2.27 billion.
