SODIC, Madinet Nasr appoint advisors for cooperation

CAIRO – 20 May 2018: Sixth of October Development & Investment (SODIC) and Madinet Nasr Housing appointed the advisors to their possible cooperation whether by merging or acquisition.

SODIC announced in a filing to the Egyptian Exchange (EGX) that EFG Hermes and Zaki Hashem & Partners - Attorneys at Law are going to be the advisors to Madinet Nasr, while CI Capital and MHR & Partners (White & Case) will be SODIC’s advisors.

The statement clarified that the advisors held a meeting on Thursday, May 17, in the presence of the top management of both companies, to discuss options available for the cooperation and the mechanism of executing that cooperation.

On April 11, SODIC welcomed the discussions with Madinet Nasr Housing to explore potential strategic alternatives for the two companies by merging or acquisition.

The company 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 earlier approved beginning negotiations with SODIC on a possible merger or acquisition.

SODIC's current capital is LE 1.36 billion, distributed through 342.29 million shares at a par value of LE 4 per share, while Madinet Nasr Housing’s capital records LE 997.1 million, distributed through 997.1 million shares at a par value of LE 1 per share.