Madinet Nasr Housing & Development sought out the approval of the Egyptian Financial Supervisory Authority (EFSA) and the EGX to convert a number of its shares to global depository receipts (GDR), according to an EGX filing. CI Capital will act as the exclusive advisor on the transaction. GDRs cannot exceed 33% of total capital or the percentage of shares on free float, as per EFSA rules.

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