Property developer Sixth of October Development & Investment Co. (SODIC) has appointed the investment bank CI Capital to act as the financial advisor on studying possible merge or acquisition deal with Madinet Nasr Housing and Development (MNHD).
MNHD announced in April that it explores opportunities for potential collaboration with SODIC through merging or acquiring, which has been welcomed by the latter.
Madinet Nasr Housing and Development has appointed EFG-Hermes and Zaki Hashem & Partners (ZH&P) as advisor to the company on the probable deal.
Member of board at MNHD Alaa Sabie expected that the studies on merging between SODIC and his firm would be completed within 2 months.
Sabie told Al Mal newspaper that CI Capital and EFG-Hermes, the advisor to SODIC and MNHD, are together discussing the best way of cooperation between the two property developers either through merge or acquisition.