Habi – despite its refusal to allow due diligence work. However, Madinet Nasr Company did not completely close its doors to receiving a suitable new acquisition offer from SODIC.
Habi Journal learned that the board of directors of Madinet Nasr held a meeting immediately after the end of its general assembly this evening – which witnessed the rejection of its examination by SODIC – and the board agreed to address the latter and its parent company, Al Dar, the Emirati real estate, to welcome the provision of audited information about Nasr City, including the balance, locations and distribution of the portfolio Its lands, and classified according to the purposes of use between residential, commercial and administrative.
Habi learned that Nasr City considers that its detailed map of its lands is the most important factor capable of clarifying the fair and true value of the company, on the basis of which a suitable initial price can be provided, allowing approval to allow SODIC to carry out the process of technical due diligence.
The Sixth of October Investment and Development Company – SODIC, submitted early last July a letter announcing its intention to submit a non-binding purchase offer to acquire 100% of the shares of Madinet Nasr for Housing and Development, at an initial price ranging between 3.2 and 3.4 pounds, and the company said that the price is indicative until Completing the technical due diligence processes and obtaining the necessary approvals.
After that, Habi newspaper was alone in revealing the decision of the Nasr City Board of Directors to apply to the General Assembly to decide whether or not to conduct a due diligence examination. , amounting to about 5 million square metres.
At the time, a source closely related to the company confirmed that the offer price represented about half of the real value of the company, and that the initial price was affected by the decline in the market values of the shares traded on the Egyptian Stock Exchange.
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