{"id":547920,"date":"2022-07-19T03:54:30","date_gmt":"2022-07-19T03:54:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/"},"modified":"2022-07-19T03:54:30","modified_gmt":"2022-07-19T03:54:30","slug":"mnhd-wants-sodic-to-cough-up-a-lot-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/","title":{"rendered":"MNHD wants SODIC to cough up a lot more"},"content":{"rendered":"

<\/a> SODIC might have to up its offer 4x if it wants MNHD: <\/strong>Madinet Nasr for Housing and Development\u2019s (MNHD) portfolio of undeveloped land is worth between 3-4 times more than what SODIC wants to pay for the company, the real estate developer\u2019s managing director, Abdullah Salam, told CNBC Arabia yesterday (watch, runtime: 9:19<\/a>). MNHD\u2019s undeveloped land has \u201cvery promising potential to be developed and become residential and commercial projects,\u201d Salam said, adding that this is what makes it so valuable.<\/p>\n

SODIC earlier this month <\/strong>launched a takeover bid<\/a><\/strong> for MNHD<\/strong> and offered to pay EGP 3.20-3.40 per share, valuing the cross-town company at as much as EGP 6.36 bn.<\/p>\n

But MNHD wants more:<\/strong> MNHD this week rejected<\/a> the offer and called on SODIC to submit a new bid that reflects the fair value of the company.<\/p>\n

What\u2019s a fair value?<\/strong> Salam\u2019s statements yesterday seem to suggest that the company might demand an offer as high as EGP 12.40 a share for it to agree to a sale, valuing it as much as EGP 25 bn.<\/p>\n

Putting this in context:<\/strong> That\u2019s more than three times greater than SODIC\u2019s valuation priced by Aldar Properties and ADQ when they acquired the company<\/a> last year.<\/p>\n

MNHD\u2019s shares closed at EGP 2.87<\/strong> yesterday on the EGX (+7%). Its shares have gained about 17% since SODIC made its offer.<\/p>\n

MNHD\u2019s land bank:<\/strong> MNHD owns around 10 mn square meters of land, 5 mn of which are developed or under development, while 4.5 mn square meters are still undeveloped, mainly split between two main projects Taj City<\/a> and Sarai<\/a>, Salam said.<\/p>\n

Sallam took the helm at MNHD and became a shareholder as the developer acquired his <\/strong>Minka Developments <\/strong>in a transaction announced late last fall<\/a>. Sallam used MNHD\u2019s 1Q 2022 earnings release (pdf)<\/a> to signpost what he called \u201cexciting times\u201d for the developer, saying the company is entering \u201cperiod of change and reinvention that will challenge our team to envision new ways for our business to grow sustainably and create value for stakeholders.\u201d MNHD wants to double deliveries in 2022 and develop recurring revenue streams (including through a push into the commercial property market and through community management fees).<\/p>\n

SODIC, meanwhile, is ramping up its competitive metabolism under new ownership. <\/strong>The company\u2019s new Emirati owners are supporting CEO Magued Sherif and his team to think aggressively about growth opportunities. The high-end developer, now celebrating 25 years in the business, reported record 1Q gross contracted sales and profitability, it said in its first-quarter earnings release (pdf)<\/a>, setting up what Sherif said at the time would be a \u201crecord year for SODIC\u201d despite a industry backdrop that is being marred by high inflation, rising interest rates and supply chain kinks.<\/p>\n

Watch this space: <\/strong>MNHD will convene its general assembly on 16 August to decide whether to allow SODIC to go ahead with due diligence on its takeover bid, MNHD said in a disclosure (pdf)<\/a> to the EGX yesterday.<\/p>\n

MNHD and SODIC have been dancing (on and off) for years: <\/strong>With different shareholding structures on both sides and a different management team at MNHD at the time, the two started talking about combining their businesses in early 2018<\/a>, which months later saw SODIC make an offer to acquire at least 51% of MNHD<\/a> through a direct share swap that the two positioned as what would have been Egypt\u2019s largest-ever M&A at the time. Talks fell through<\/a> after they failed to reach an agreement on the share-swap ratio.<\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC might have to up its offer 4x if it wants MNHD: Madinet Nasr for Housing and Development\u2019s (MNHD) portfolio of undeveloped land is worth between 3-4 times more than what SODIC wants to pay for the company, the real estate developer\u2019s managing director, Abdullah Salam, told CNBC Arabia yesterday (watch, runtime: 9:19). MNHD\u2019s undeveloped […]<\/p>\n","protected":false},"author":1,"featured_media":547921,"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":[72,7128,353,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"2075d60b-bc11-44a6-b86b-0a960406de38","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/191.jpg","photo_position":"above","related_issue":[547912],"teaser":"","voice_url":""},"yoast_head":"\nMNHD wants SODIC to cough up a lot more - 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\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD wants SODIC to cough up a lot more\" \/>\n<meta property=\"og:description\" content=\"SODIC might have to up its offer 4x if it wants MNHD: Madinet Nasr for Housing and Development\u2019s (MNHD) portfolio of undeveloped land is worth between 3-4 times more than what SODIC wants to pay for the company, the real estate developer\u2019s managing director, Abdullah Salam, told CNBC Arabia yesterday (watch, runtime: 9:19). 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B-Investments, a lead shareholder\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\/2019\/1\/2559.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548665,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/mnhd-shareholders-reject-sodics-advance\/","url_meta":{"origin":547920,"position":2},"title":"MNHD shareholders reject SODIC\u2019s advance","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"MNHD shareholders back board, say offer price was too low: Madinet Nasr Housing and Development (MNHD) shareholders meeting in a general assembly yesterday rejected a takeover bid from SODIC, saying the offer price was too low, an exec at MNHD told Enterprise. Just three investors voted in favor of allowing\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\/8\/289.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622866,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/sodic-bidding-to-acquire-at-least-51-of-mnhd-in-all-share-transaction\/","url_meta":{"origin":547920,"position":3},"title":"SODIC bidding to acquire at least 51% of MNHD in all-share transaction","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"** #1 M&A WATCH- SODIC bidding to acquire at least 51% of MNHD in all-share transaction: Upmarket real estate developer SODIC announced yesterday (pdf) it intends to make a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap. SODIC\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":549592,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/sodic-kills-bid-for-mnhd\/","url_meta":{"origin":547920,"position":4},"title":"SODIC kills bid for MNHD","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"SODIC is no longer interested in acquiring MNHD: SODIC has called off its takeover bid for Madinet Nasr Housing and Development (MNHD) and is currently reviewing other alternatives, our friend SODIC Managing Director Magued Sherif told Bloomberg Asharq.MNHD shareholders rejected SODIC\u2019s bid last month, saying its EGP 6.36 bn valuation\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\/9\/316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623269,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/","url_meta":{"origin":547920,"position":5},"title":"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #3 M&A WATCH- Real estate giants SODIC and MNHD release operational updates. The two players in what we believe is Egypt\u2019s largest-ever domestic merger issued operational updates yesterday as the transaction chugs toward a potential end-of-year close: SODIC sees net contracted sales growing 14% y-o-y 2018: SODIC is anticipating\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\/547920","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=547920"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547920\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547921"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547920"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547920"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}