Madinet Nasr for Housing & Development S.A.E. (CASE:MNHD) agreed to acquire Minka Development from Sallam family on October 25, 2021. The total FV of the two companies, MINKA and EGYGAB, has been set by the IFA at around EGP 232 million, representing the maximum value that MNHD would pay to fully acquire both companies. To finance the acquisition, MNHD will increase its issued and paid-up capital by EGP 374.4 million through a rights issue. Part of the proceeds will be used to finance the acquisition, while the rest will be used to finance a new project in Assiut. The transaction is subject to approval of offer by acquirer board. As on December 15, 2021, the ordinary general meeting Madinet Nasr Housing and Development approved the acquisition of both MINKA Developments and EGYGAB Developments. The Sallam family will use the proceeds of the transaction to buy shares of MNHD from the market and inject an additional EGP 50 million to acquire at least 5% of MNHD. As of June 3, 2022. The board of directors of Madinet Nasr Housing and Development (MNHD) approved to sign the final contracts for the acquisition of MINKA Developments. The signing of the final contract will be subject to updating the report conducted by the independent financial advisor (IFA) and setting the fair value.

Madinet Nasr for Housing & Development S.A.E. (CASE:MNHD) completed the acquisition of Minka Development from Sallam family on July 13, 2023.