SODIC welcomes Madint Nasr’s offer for merging or acquisition

CAIRO – 11 April 2018: Sixth of October for Development and Investment (SODIC) welcomed Wednesday the discussions with Madinet Nasr Housing and Development Company to explore potential strategic alternatives for the two companies by merging or acquisition.

SODIC clarified in a filling to the Egyptian Exchange (EGX) that the discussions will bring benefits and synergies to both companies; SODIC further noted that the negotiations will determine the expansion of businesses, maximizing the return for shareholders of both firms.

The board of Madinet Nasr Housing and Development approved Tuesday April 11, to begin negotiations with SODIC considering merging or acquisitions.

Sixth of October for Development and Investment (SODIC) is a public company, listed on the Egyptian Exchange (EGX) since March 1998. It operates within the real estate sector focusing on real estate development. It has 27 subsidiaries operating across Egypt and Syria. SODIC is based in Giza, Egypt and was established in May 1996.

SODIC's current capital is LE 1.36 billion ($ 76.79 million) distributed on 342.29 million shares at par value of LE 4 per share, while Madinet Nasr Housing’s capital records LE 997.1 million ($56.3 million) distributed on 997.1 million shares at par value of LE 1 per share.

Madinet Nasr Housing and Development is also listed on the Egyptian Exchange (EGX) since May 1995. It operates within the real estate sector focusing on diversified real estate activities, with 4 subsidiaries operating across Egypt, working on education services, construction and engineering, real estate development and multi-utilities. It was established in January 1959.