MNHD-SODIC merger to complete end-2018 - B Investments

Cairo – Mubasher: Co-founder and member of B Investments Holdings’ board of director said that negotiations between Madinet Nasr Housing and Development (MNHD) and Sixth of October for Development and Investment (SODIC) over merger or acquisition deal are still ongoing.

The merger or acquisition transaction is expected to take place end-2018, Alaa Sabaa told local newspaper Alborsa.

It is worth noting that B Investments holds a 27% stake in MNHD.

He added that B Investments is considering two acquisitions in the food industry and education sectors prior to the end of this year.

The Egypt-based private equity firm will finance possible transactions with its EGP 600 million cash inflow, he indicated.

On Tuesday, Sabaa said that B Investments Holdings aims to invest EGP 250 million in the sectors of food industry, education, energy, and non-banking financial services in 2019.

He also unveiled the company’s plans to establish a private university.

Moreover, he said that B Investments used around EGP 200 million of its proceeds from the initial public offering’s (IPO) on the Egyptian Exchange (EGX) last year to raise the capital of its investment unit, Abtkar Finance Investment.

Mubasher Contribution Time: 05-Sep-2018 10:24 (GMT)
Mubasher Last Update Time: 05-Sep-2018 10:41 (GMT)