Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) decided to appoint an independent financial advisor to conduct a fair value (FV) estimation report for the stock of its 52%-owned subsidiary Nasr Company for Civil Works.
A draft mandatory tender offering has been submitted by a number of companies and an investment fund to the Egyptian Financial Regulatory Authority (FRA) to acquire a controlling stake of up to 90% in Nasr Company for Civil Works, MNHD said in a bourse disclosure on Thursday.
As the major shareholder in Nasr Company for Civil Works, the MNHD sees that the offered price of EGP 11 per share does not represent the FV of the company’s stock based on its financial position, financial results, financial capabilities, and the stock’s trading price on the Egyptian Exchange (EGX).
In a separate disclosure, Nasr Company for Civil Works said that its board of directors authorised the chairman and managing director to enter into agreement with a certified financial advisor to conduct the stock’s FV assessment report.
During the first nine months of 2020, MNHD reported net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the year-ago period.
