MNHD obtains approvals to convert 30% of share capital into GDRs

MNHD obtains approvals to convert 30% of share capital into GDRs: Madinet Nasr for Housing & Development (MNHD) has obtained approval from the Financial Regulatory Authority and the EGX approval to convert approximately 30% of its share capital into global depositary receipts, according to an emailed statement. The GDRs are expected to start trading on the London Stock Exchange by the end of this month. CI Capital is handling the GDR issuance and Zaki Hashem & Partners and Norton Rose Fulbright are the legal advisors on the transaction.