Abu Dhabi – Mubasher: Aldar Properties is studying the acquisition of a majority stake in Madinet Nasr Housing and Development (MNHD), an Egyptian developer in which the Egyptian government owns a 15% stake, sources told Bloomberg.
The potential transaction would foster the Abu Dhabi-based company’s presence in Egypt.
Egypt’s Public Enterprise Minister, Hisham Tawfik, referred that Aldar is seeking to invest in MNHD, but an offer has not been presented yet.
On Tuesday, 14 June, MNHD announced in a bourse filing that the company has not received any tender offers.
It is noteworthy to mention that in 2021, a consortium comprising Aldar Properties and ADQ acquired around 85.52% of the outstanding share capital of Six of October Development and Investment (SODIC) following a mandatory tender offer (MTO).