Abu Dhabi’s Aldar Mulls Buying Stake in Egypt’s Medinet Nasr - Bloomberg
Aldar Properties PJSC is considering the acquisition of a majority stake in Egyptian developer Medinet Nasr Housing, according to people familiar with the matter, a deal that would strengthen the Abu Dhabi firm’s presence in the Arab world’s most populous country. The Egyptian company’s shares climbed.
The discussions are in early stages and an offer may not be imminent, said the people, who asked not to be identified because the matter is private.
The Egyptian government owns a 15% stake in Medinet Nasr. Hisham Tawfik, Egypt’s public enterprise minister, said Aldar has shown interest in the Cairo-based developer, but an offer has yet to materialize.
Aldar declined to comment. Medinet Nasr said in a Tuesday statement to Cairo’s stock exchange that it hasn’t received any tender offers. Board member Salah Katamish declined to give additional comment when contacted by Bloomberg.
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