Nahw Development buys 29.1% stake in CDICO

M&A WATCH- Nahw Development (again, never heard of them) has purchased a 29.1% stake in Cairo Development Investment Company (CDICO) for EGP 57.5 mn, CDICO said in an EGX disclosure (pdf). Nahw bought 13.69 mn shares at an average price of EGP 4.2 per share. CDIC announced the completion of a mandatory tender offer by Nahw last week. The transaction was brokered by Arab Finance Company for Securities Trade.