{"id":554017,"date":"2021-12-16T04:04:16","date_gmt":"2021-12-16T04:04:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/"},"modified":"2021-12-16T04:04:16","modified_gmt":"2021-12-16T04:04:16","slug":"mnhd-ga-completes-fair-value-study-of-minka","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/","title":{"rendered":"MNHD GA completes fair value study of Minka"},"content":{"rendered":"

<\/a> MNHD approves EGP 232 mn valuation of Minka ahead of acquisition:<\/strong> Madinet Nasr Housing and Development\u2019s (MNHD) general assembly has approved a fair value study that will see it shell out a maximum EGP 232 mn to acquire Minka Development<\/a> and a related special purpose vehicle company, EgyCan for Real Estate Development, according to an EGX filing (pdf)<\/a>. The study, conducted by Baker Tilly Wahid Abdel Ghaffar & Co, pegs the value of the real estate firm 5.5% above the top end of the EGP 200-220 mn that MNHD said it expected to pay when it first announced<\/a> the acquisition plan in October. MNHD will now seek to negotiate a final price for the company with the current shareholders, according to the statement.<\/p>\n

It\u2019s all staying in the family:<\/strong> MNHD appointed Abdallah Sallam, who is also managing director at Minka, as its CEO at the same time as it announced the acquisition in October. Minka is owned by the Sallam family, who are set to use the proceeds from the sale of their company \u2014 plus an additional EGP 50 mn \u2014 to purchase a minimum 5% stake in MNHD, we were told back in October. This will make the family the third largest minority shareholder in the company after BPE Partners\u2019 managed fund\u2019s 29% and National Company for Construction and Developments\u2019 15%.<\/p>\n

CORRECTED ON 16 DECEMBER-<\/em><\/p>\n

The fair value study indicates that MNHD will pay a maximum of EGP 232 mn and not a minimum as was said in a previous version of the story.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MNHD approves EGP 232 mn valuation of Minka ahead of acquisition: Madinet Nasr Housing and Development\u2019s (MNHD) general assembly has approved a fair value study that will see it shell out a maximum EGP 232 mn to acquire Minka Development and a related special purpose vehicle company, EgyCan for Real Estate Development, according to an […]<\/p>\n","protected":false},"author":1,"featured_media":554018,"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-554017","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":"24bc8308-5529-4e7b-afc5-72dadf4be449","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/365.jpg","photo_position":"above","related_issue":[554009],"teaser":"","voice_url":""},"yoast_head":"\nMNHD GA completes fair value study of Minka - 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\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD GA completes fair value study of Minka\" \/>\n<meta property=\"og:description\" content=\"MNHD approves EGP 232 mn valuation of Minka ahead of acquisition: Madinet Nasr Housing and Development\u2019s (MNHD) general assembly has approved a fair value study that will see it shell out a maximum EGP 232 mn to acquire Minka Development and a related special purpose vehicle company, EgyCan for Real Estate Development, according to an […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-16T04:04:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/365.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"MNHD GA completes fair value study of Minka\",\"datePublished\":\"2021-12-16T04:04:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\"},\"wordCount\":255,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/365.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"M&A Watch\",\"Madinet Masr for Housing and Development\",\"real estate\",\"SODIC\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka\/\",\"name\":\"MNHD GA completes fair value study of Minka - 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The consortium has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer, the\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\/105.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602442,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/27\/mnhd-approves-minka-real-estate-investment-offer-for-land-plot-in-taj-city\/","url_meta":{"origin":554017,"position":2},"title":"MNHD approves Minka Real Estate Investment offer for land plot in Taj City","author":"enterpriseam admin","date":"27 March 2019","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (MNHD) board of directors approved on Monday an offer from Minka Real Estate Investment to purchase a 3,360 sqm piece of non-residential land in MNHD\u2019s Taj City project for a total of EGP 184.8 mn, MNHD said in a statement (pdf). The plot is in\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569791,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/mnhd-sells-land-plot-in-taj-city-to-minka-for-egp-1-15-bn\/","url_meta":{"origin":554017,"position":3},"title":"MNHD sells land plot in Taj City to Minka for EGP 1.15 bn","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"MNHD sells land plot in Taj City to Minka for EGP 1.15 bn: Madinet Nasr Housing and Development (MNHD) has sold a 114.5k sqm land plot in its Taj City project to Sallam family-owned Minka Real Estate Investment for EGP 1.15 bn, according to a regulatory filing (pdf). Minka will\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":547774,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/sodic-makes-a-play-for-mnhd\/","url_meta":{"origin":554017,"position":4},"title":"SODIC makes a play for MNHD","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"SODIC is bidding to acquire Madinet Nasr Housing and Development (MNHD) as the real estate developer\u2019s new owners look to expand its footprint in the local market. The company said in a boursefiling (pdf) yesterday that it has submitted a non-binding offer to acquire up to 100% of the state-owned\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\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573957,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/egypts-mnhd-accepts-egp-30-mn-offer-for-its-98-4-stake-in-nasr-utilities-and-installations\/","url_meta":{"origin":554017,"position":5},"title":"Egypt\u2019s MNHD accepts EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations","author":"enterpriseam admin","date":"25 August 2020","format":false,"excerpt":"M&A WATCH- MNHD accepts EGP 30 mn offer for its 98.4% stake in Nasr Utilities and Installations: Madinet Nasr for Housing and Development (MNHD) has accepted an offer from an as of yet unnamed investor to purchase its 98.4% stake in construction company Nasr Utilities and Installations (NUI), MNHD said\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\/554017","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=554017"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554017\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554018"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554017"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554017"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}