The Clap
According to Asharq, Emirati real estate giant “Al Dar” is considering acquiring a stake in EGX-listed Madinet Nasr Housing Company (MNHD).
The deets
Talks are still in their early stages and the offer may not be imminent, according to unidentified sources.
Minister of Public Enterprise Hisham Tawfik said Al Dar had shown interest in MNHD, but no offer took was provided. It is worth mentioning that the government owns 15% of MNHD.
Why this matters
Acquiring a majority stake in MNHD shows the confidence a company like Al Dar has in the Egyptian real estate sector. Al Dar was recently part of an Emirati consortium that acquired 85.5% of SODIC.
MNHD’s stock has been volatile the past few trading sessions due to the rumors, & closed Wednesday’s session up 7.30%.
