Cairo – Mubasher: Sixth of October Development and Investment Company (SODIC) said that it is not in the process of reviewing the indicative purchase price offered by it to acquire the entire capital of Madinet Nasr for Housing and Development.
In a statement to the Egyptian Stock Exchange today, Tuesday, the company denied what was circulated about its review of the offer price, in light of the failure of the Board of Directors of Madinet Nasr for Housing and Development to start the usual comprehensive due diligence procedures, and the lack of additional information.
The board of directors of Madinet Nasr for Housing and Development had discussed the letter received from the Sixth of October Development and Investment Company (SODIC), regarding the non-binding offer to acquire the entire capital of the company.
The company explained, in a statement addressed to the Emirati “Al Dar” company, which owns the ruling stake in “SODIC” that submitted the offer, that the board of directors decided that the value of the offer was not in line with the real value of the company and its assets, and accordingly the board did not approve the submitted offer.
The Board of Directors of Madinet Nasr Housing called on Al Dar to reconsider the submitted offer, and in the event that an appropriate price is reached with the fair value of the company, the company will welcome the start of the procedures for terminating the deal.
The Board of Directors of Nasr City for Housing and Development decided to invite the Ordinary General Assembly to convene on Tuesday, August 16, to discuss the request submitted by the Sixth of October Development and Investment Company “SODIC” to approve its conduct of due diligence studies; It includes legal, financial, accounting, tax, technical, operational, regulatory and commercial studies.
The general assembly will consider the company’s board of directors’ decision not to approve SODIC’s request, with a presentation to the assembly to consider the request.