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Madinet Nasr to assess Sixth of October Development's all-share offer

Madinet Nasr for Housing & Development SAE said it will evaluate and present at its upcoming board meeting the mandatory tender offer for its shares that Sixth of October Development & Investment Co. intends to launch.

The swap ratio for the proposed all-share deal is preliminarily set at 2 Madinet Nasr shares for 1 share of Sixth of October, provided that Sixth of October gains ownership of at least 51% of the urban developer's shares. Madinet Nasr will retain its listing on the Egyptian Exchange due to the share swap.

The combined entity will be among Egypt's largest real estate developers, with a total undeveloped land bank of more than 15 million square meters and over 15 years of development potential.

Sixth of October's Oct. 11 closing price of 19.02 Egyptian pounds values each Madinet Nasr share at 9.50 pounds, representing a 46% premium over Madinet Nasr's 6.50 pound-per-share closing price.

As of Oct. 12, US$1 was equivalent to 17.94 Egyptian pounds.