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

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