January 22, 2019 / 9:16 PM / 9 months ago

UPDATE 1-Egypt's MNHD calls off planned merger with SODIC -document

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CAIRO, Jan 22 (Reuters) - Egypt’s Madinet Nasr for Housing and Development (MNHD) has called off a planned merger with the Sixth of October Development and Investment Company (SODIC), according to a document seen by Reuters on Tuesday.

SODIC planned to acquire MNDH through a mandatory purchase offer in October that entailed the exchange of one of SODIC’s shares for every two of MNHD’s.

The document, a letter dated Jan 22 sent from MNHD to SODIC, listed several reasons for the decision.

One issue cited in the letter was SODIC’s settlement worth 800 million Egyptian pounds ($45 million) paid to Egypt’s illicit gains authority relating to a 1,400-acre plot west of Cairo.

Neither SODIC nor MNHD were immediately available for comment outside normal working hours. ($1 = 17.8600 Egyptian pounds) (Reporting by Nadine Awadalla; additional reporting by Ehab Farouk; editing by Gareth Jones and Sandra Maler)

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