{"id":623269,"date":"2018-10-25T04:15:24","date_gmt":"2018-10-25T04:15:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/"},"modified":"2018-10-25T04:15:24","modified_gmt":"2018-10-25T04:15:24","slug":"egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/","title":{"rendered":"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> ** #3 <strong>M&A WATCH- Real estate giants SODIC and MNHD release operational updates. <\/strong>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:<\/p>\n<p><strong>SODIC sees net contracted sales growing 14% y-o-y 2018: <\/strong>SODIC is anticipating net contract sales rising 14% y-o-y in 2018 to EGP 6.5 bn, the company said in <a href=\"http:\/\/www.egx.com.eg\/downloads\/Bulletins\/222712_1.pdf\">a bourse statement (pdf)<\/a>. The statement notes that net contracted sales could have been higher had it not been for delays in launching its West Cairo project.<\/p>\n<p><strong>MNHD YTD 2018 deliveries up 126%:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/16\/exclusive-magued-sherif-and-hazem-barakat-on-what-could-be-egypts-largest-ever-ma\/\">Madinat Nasr of Housing and Development (MNHD) announced<\/a> that its deliveries reached 511 homes YTD in 2018, up 126% from YTD 2017. MNHD completed the construction of 2,956 homes in various developments in East and West Cairo with plans to deliver them to customers in 4Q2018 and early 2019, the company said in <a href=\"https:\/\/ent.news\/2018\/10\/679.pdf\">a statement yesterday (pdf)<\/a>. \u201cWe are very pleased with our accelerated construction plan and keeping our promise to deliver our units on time,\u201d CEO Ahmed El Hitamy said.<\/p>\n<p><strong>Background: <\/strong>MNHD is the subject of an all-share acquisition bid by SODIC. We have plenty more from our exclusive sit-down with <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/16\/exclusive-magued-sherif-and-hazem-barakat-on-what-could-be-egypts-largest-ever-ma\/\">SODIC CEO Magued Sherif and MNHD Chairman Hazem Barakat<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #3 M&#038;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 net contract sales rising 14% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,7128,9441,83,312,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623269","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-ma-watch","tag-madinet-nasr-for-housing-and-development","tag-real-estate","tag-sodic","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"61b2794f-2fc7-4d3d-8bb6-89a4f7b8584d","order":"0","is_powered_by":true,"section_story_id":"fc051e39-f732-46b9-928d-e358193de6e2","story_type":"1","photo_url":"","photo_position":"above","related_issue":[623260],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger - 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\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger\" \/>\n<meta property=\"og:description\" content=\"** #3 M&amp;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 net contract sales rising 14% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-25T04:15:24+00:00\" \/>\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\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger\",\"datePublished\":\"2018-10-25T04:15:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\"},\"wordCount\":212,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"M&amp;A Watch\",\"Madinet Nasr for Housing and Development\",\"real estate\",\"SODIC\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/\",\"name\":\"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger - 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B-Investments, a lead shareholder\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":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":623269,"position":2},"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 &quot;Speed Round&quot;","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":624317,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/sodic-mnhd-merger-could-be-finalized-this-year-says-b-investments-alaa-sabaa\/","url_meta":{"origin":623269,"position":3},"title":"SODIC-MNHD merger could be finalized this year, says B Investments\u2019 Alaa Sabaa","author":"enterpriseam admin","date":"5 September 2018","format":false,"excerpt":"** #5 M&A WATCH- SODIC-MNHD merger could be finalized this year, says B Investments\u2019 Alaa Sabaa: The potential merger between leading real estate players SODIC and Madinet Nasr Housing and Development (MNHD) could be finalized before the year is out, B Investments founding partner Alaa Sabaa tells Al Mal. Talks\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":627703,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/could-the-potential-sodic-mnhd-merger-come-in-the-form-of-a-share-swap\/","url_meta":{"origin":623269,"position":4},"title":"Could the potential SODIC-MNHD merger come in the form of a share swap?","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"M&A WATCH- SODIC-MNHD to take the form of a share swap? It appears that the potential merger between our friends at SODIC and Madinet Nasr Housing and Development (MNHD) could take the form of a share swap, as it is \u201cthe path of least resistance,\u201d MNHD CEO Ahmed El Hitamy\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":629038,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/21\/mnhd-sodic-advisers-meet-for-talks-on-potential-merger\/","url_meta":{"origin":623269,"position":5},"title":"MNHD, SODIC advisers meet for talks on potential merger","author":"enterpriseam admin","date":"21 May 2018","format":false,"excerpt":"M&A WATCH- MNHD, SODIC advisers meet for talks on potential merger: Advisers on the potential merger of leading real estate players SODIC and MNHD met last Thursday to discuss how to combine the two businesses, according to a regulatory filing (pdf) from SODIC. 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