January 23, 2019 / 8:48 AM / 9 months ago

Shares of Egypt's SODIC, MNHD suspended after merger called off

CAIRO, Jan 23 (Reuters) - Egypt’s stock exchange suspended trading on Wednesday in the Sixth of October Development and Investment Company (SODIC) and 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.

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.

Reporting by Ehab Farouk Writing by Aidan Lewis; Editing by Susan Fenton

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