Sixth of October for Development and Investment Company "SODIC" (S.A.E.) (CASE:OCDI) made a non-binding offer to acquire Madinet Nasr for Housing & Development S.A.E. (CASE : MNHD) for EGP 6.4 billion on July 5, 2022. SODIC made non-binding offer in the range of EGP 3.2 to EGP 3.4 cash per share. Per share purchase price will be subject to automatic adjustment in the event of the issuance of any new shares, capital reduction or dividends as customery. The offer is subject to satisfactory completion of comprehensive due diligence, applicable regulatory approvals and several other conditions including SODIC's internal corporate approvals and the internal approvals of it's controlling shareholders. The offer has been unanimously approved by the board members of SODIC.

The transaction if consummated, would expand SODIC's footprint in the East Cairo market, widen its customer base and leverage both developer's strengths to achieve scale and create value through a combined undeveloped land bank. Hesham Gohar and Menna Daw of CI Capital acted as financial advisor of SODIC on the transaction and MHR & Partners in association with White & Case LLP acted as its legal advisors. Zaki Hashem & Partners acted as MNHD's legal counsel.