Egypt’s Madinet Nasr Housing nods conducting procedures of splitting of 2 units

Egypt’s leading real estate developer, Madinet Nasr Housing and Development (MNHD) Board of Directors approved conducting the procedures of splitting of  two subsidiaries  namely El Nasr for Utilities and Installation as well as Nasr Company for Civil Works (NCCW).

MNHD owns 94.9% of El Nasr for Utilities and Installation amounting to 3 million Egyptian pounds while it owns 52.45% of Nasr Company for Civil Works worth 64 million pounds from MNHD.

MNHD will split the two companies, through the establishment of new company, to transfer carrying amount of assets to it, as the net asset will be the new company’s capital.

The new company will be directly owned by MNHD, versus cutting right issue in MNHD with the same value.

Moreover, BoD approves granting 20 million pounds to the third phase of Al Asmarat housing project dedicated for risky slums dwellers.