{"id":547305,"date":"2022-06-16T03:58:38","date_gmt":"2022-06-16T03:58:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/more-good-news-maybe\/"},"modified":"2022-06-16T03:58:38","modified_gmt":"2022-06-16T03:58:38","slug":"more-good-news-maybe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/more-good-news-maybe\/","title":{"rendered":"More good news, maybe?"},"content":{"rendered":"

<\/a> The UAE\u2019s<\/strong> Aldar Properties is reportedly eyeing an acquisition of a majority <\/strong>stake in<\/strong> EGX-listed real estate developer Madinet Nasr Housing and Development<\/strong> (MNHD), Bloomberg<\/a> reports, attributing the story to unnamed sources familiar with the matter.<\/p>\n

Madinet Nasr has yet to receive any formal offers on the matter<\/strong>, it said in a disclosure to the EGX (pdf)<\/a> yesterday. Public Enterprises Minister Hisham Tawfik is reported to have confirmed the interest to Bloomberg but also stressed that there was no official offer. A representative from MNHD declined to comment when we reached out today and we have yet to receive any confirmation or comments on the story from the ministry.<\/p>\n

Who owns what:<\/strong> State-owned institutions collectively own the largest stake in the company, with the Holding Company for Construction and Development holding 15.2%, the National Investment Bank owning 3.7% and Banque Misr holding 3.5%. BIG Investment Group is the largest single shareholder with a 19.9% stake, B Investments owns 7.5% and 20.4% is held by foreign institutions.<\/p>\n

Aldar already has a footprint in Egypt, but it wants more:<\/strong> Aldar joined up with Abu Dhabi sovereign wealth fund ADQ to acquire<\/a> 85.5% of leading Egyptian real estate developer SODIC last year. The Emirati real estate giant had said that Egypt was a priority market for international expansion, \u201cdriven by a strong belief in the country\u2019s potential and the macro-economic fundamentals driving the real estate sector\u201d after completing the acquisition.<\/p>\n

Aldar\u2019s interest in Egypt extends beyond real estate: <\/strong>The developer plans to spend<\/a> at least AED 5 bn (c. USD 1.4 bn) on acquiring retail and education assets in Egypt, the UAE and Saudi Arabia.<\/p>\n

The market reaction:<\/strong> Madinet Nasr\u2019s shares rose 7.3% following the news yesterday, closing at EGP 2.50 apiece.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE\u2019s Aldar Properties is reportedly eyeing an acquisition of a majority stake in EGX-listed real estate developer Madinet Nasr Housing and Development (MNHD), Bloomberg reports, attributing the story to unnamed sources familiar with the matter. Madinet Nasr has yet to receive any formal offers on the matter, it said in a disclosure to the […]<\/p>\n","protected":false},"author":1,"featured_media":547306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[215,72,7128,353],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-madinet-masr-for-housing-and-development","wpautop","entry"],"acf":{"mongo_id":"7aafa123-1364-4cab-9627-2cb779fd32ce","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/smoking-business1600px.jpg","photo_position":"above","related_issue":[547300],"teaser":"","voice_url":""},"yoast_head":"\nMore good news, maybe? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/more-good-news-maybe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More good news, maybe?\" \/>\n<meta property=\"og:description\" content=\"The UAE\u2019s Aldar Properties is reportedly eyeing an acquisition of a majority stake in EGX-listed real estate developer Madinet Nasr Housing and Development (MNHD), Bloomberg reports, attributing the story to unnamed sources familiar with the matter. 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This came as media reports claimed that the Emirati real estate company was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547884,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/mnhd-wants-sodic-to-bump-up-its-offer-price\/","url_meta":{"origin":547305,"position":2},"title":"MNHD wants SODIC to bump up its offer price","author":"enterpriseam admin","date":"18 July 2022","format":false,"excerpt":"MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid: Madinet Nasr for Housing and Development (MNHD) has rejected a takeover bid by SODIC and called on the company to bump up its offer. SODIC before Eid Al Adha offered to purchase up to 100% of MNHD for EGP 3.20-3.40\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/179.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573431,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/mnhd-green-lights-odin-due-diligence-on-el-nasr-civil-works\/","url_meta":{"origin":547305,"position":3},"title":"MNHD green-lights Odin due diligence on El Nasr Civil Works","author":"enterpriseam admin","date":"5 August 2020","format":false,"excerpt":"M&A WATCH- MNHD gives Odin Investments green light to start due diligence on El Nasr Civil Works: Madinet Nasr Housing & Development\u2019s (MNHD) board of directors has given Odin Investments approval to begin due diligence on El Nasr Civil Works, MNHD said in a regulatory filing (pdf). Odin, along with\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/01\/earnings-watch-arafa-holding-mnhd\/","url_meta":{"origin":547305,"position":4},"title":"Earnings Watch: Arafa Holding, MNHD","author":"enterpriseam admin","date":"1 June 2020","format":false,"excerpt":"EARNINGS WATCH- Madinet Nasr Housing & Development\u2019s (MNHD) net profit grew 13.7% in 1Q2020 to reach EGP 378.1 mn, up from EGP 332.3 mn in the same period last year , according to an EGX disclosure (pdf). Revenues surged by 48% on an annual basis, reaching EGP 941.9 mn during\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573843,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypts-mnhd-receives-egp-30-mn-offer-for-its-98-4-stake-in-nasr-utilities-and-installations\/","url_meta":{"origin":547305,"position":5},"title":"Egypt\u2019s MNHD receives EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations","author":"enterpriseam admin","date":"19 August 2020","format":false,"excerpt":"M&A WATCH- MNHD receives EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations: Madinet Nasr for Housing and Development (MNHD) has received an offer from a unnamed strategic investor to purchase its 98.4% stake in construction company Nasr Utilities and Installations (NUI) for EGP 30 mn,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547305"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547305\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547306"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547305"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547305"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}