{"id":15179,"date":"2022-08-16T18:42:40","date_gmt":"2022-08-16T16:42:40","guid":{"rendered":"https:\/\/aqartrendeg.com\/?p=15179"},"modified":"2022-08-16T18:42:40","modified_gmt":"2022-08-16T16:42:40","slug":"mnhd-shareholders-reject-sodics-request-for-due-diligence","status":"publish","type":"post","link":"https:\/\/aqartrendeg.com\/en\/15179\/","title":{"rendered":"MNHD Shareholders Reject SODIC\u2019s Request for Due Diligence"},"content":{"rendered":"<p><strong>Madinet<\/strong> Nasr for Housing &amp; Development (\u201cMNHD\u201d or \u201cthe Company\u201d), one of Egypt\u2019s premier urban community developers, announced today that a General Assembly of the Company\u2019s shareholders has voted to reject a request by Sixth of October Development &amp; Investment Company (SODIC) to perform due diligence on MNHD. This comes following MNHD\u2019s receipt on 5 July 2022 of a nonbinding offer from SODIC for an acquisition of up to 100% of MNHD\u2019s shares.<\/p>\n<p>The decision at the General Assembly was in line with the Board of Directors\u2019 recommendation regarding the nonbinding acquisition offer presented by SODIC in July. The Board made its decision in light of its conviction that SODIC\u2019s offer did not reflect the real value of MNHD\u2019s business, including the Company\u2019s highly attractive asset base, land bank, strategic capabilities, and growth prospects.<\/p>\n<p>\u201cThroughout this process our priority has been to deliver the best outcome for our shareholders,\u201d said Abdallah Sallam, CEO of MNHD. \u201cThe shareholders\u2019 decision today has demonstrated the long-term value that they see in MNHD. We continue to have great confidence in MNHD\u2019s future. In just the past few months, the management team here at MNHD has already outlined a compelling new strategy, driving significant growth and enhancing our corporate performance.\u201d<\/p>\n<p>\u201cOur gross contracted sales for the first six months of 2022 were up by more than double compared to the same period of 2021,\u201d Sallam continued, \u201csurpassing the EGP 3.3 billion mark. Deliveries also more than doubled over the same period. In Q2 2022 we delivered our all-time record for sales in a second quarter. Meanwhile, over this July alone, MNHD booked a record figure for reservations in a single month. As we prepare several new launches for the coming period, we believe that the Company will continue to outperform the strong results that we\u2019ve already achieved.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madinet Nasr for Housing &amp; Development (\u201cMNHD\u201d or \u201cthe Company\u201d), one of Egypt\u2019s premier urban community developers, announced today that a General Assembly of the Company\u2019s shareholders has voted to reject a request by Sixth of October Development &amp; Investment Company (SODIC) to perform due diligence on MNHD. This comes following MNHD\u2019s receipt on 5 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":14113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[6240],"class_list":["post-15179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-news","tag-madinet-nasr-for-housing-development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MNHD Shareholders Reject SODIC\u2019s Request for Due Diligence - \u0639\u0642\u0627\u0631 \u062a\u0631\u064a\u0646\u062f - Aqar Trend<\/title>\n<meta name=\"description\" content=\"Madinet Nasr for Housing &amp; Development (\u201cMNHD\u201d or \u201cthe Company\u201d), one of Egypt\u2019s premier urban community developers, announced today t\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aqartrendeg.com\/en\/15179\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD Shareholders Reject SODIC\u2019s Request for Due Diligence - 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