Africa News Egypt's MNHD calls off planned merger with SODIC: document

Egypt's MNHD calls off planned merger with SODIC: document

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CAIRO: Egypt's Madeline Nasr for Housing and Development (MNHD) has been finalized by the Sixth of October Development and Investment Company (SODIC) , according to a document seen by Reuters on Tuesday.

SODIC intends to acquire MNDH through a mandatory purchase of SODIC's shares for every two of MNHD's.

The document, a letter dated Jan 22 from MNHD to SODIC , listed several reasons for the decision.

SODIC's settlement worth 800 million Egyptian pounds ($ 45 million) paid to Egypt's illicit gains related to a 1,400-acre plot west of Cairo.

Neither SODIC nor MNHD were immediately available for normal working hours. ($ 1 = 17.8600 Egyptian pounds)

(Reporting by Nadine Awadalla, additional reporting by Ehab Farouk and editing by Gareth Jones and Sandra Maler) ((Nadine.Awadalla@thomsonreuters.com))

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