El Nasr gives Odin Investments green light to start due diligence

M&A WATCH- El Nasr gives Odin Investments green light to start due diligence: El Nasr Civil Works’ board of directors has given Odin Investments approval to begin due diligence ahead of a potential acquisition of a 90% stake in the company, El Nasr said in an EGX disclosure (pdf). Odin, along with other unidentified inventors, expressed interest in the acquisition last week, and received approval from majority shareholder Madinet Nasr Housing & Development (MNHD) to begin due diligence soon after. MNHD owns a 52.5% stake in El Nasr, while the Holding Company for Construction & Development holds a 19.3% stake. El Nasr’s workers’ union holds 5% and the remaining shares are listed on the EGX.