Shares of Egypt’s SODIC, Madinet Nasr Housing suspended after merger called off

Big 5

Egyptian Exchange (EGX) suspended trading on Wednesday in the Sixth of October Development and Investment Company (SODIC) and the state-owned Madinet Nasr for Housing and Development (MNHD) after the two firms called off a planned merger.

SODIC said earlier it was no longer interested in a mandatory purchase offer for MNHD. Meanwhile, MNHD said in a letter seen by Reuters on Tuesday that it had called off the planned deal.

Trading in SODIC’S shares was suspended pending a response to enquiries, the stock exchange said on its website.

Source: Reuters