A source in Madinet Nasr for Housing and Development (MNHD) told Daily News Egypt that subscription to the EGP 374.4m capital increase through rights issue is expected to start in the next couple of weeks.
Around half of the EGP 374.4m amount is earmarked for the acquisition of MINKA and EgyCan, and the other half is earmarked for the West Assiut project and other company developments.
He added that the Sallam family plans to acquire a stake in MNHD by using the proceeds of the sale of MINKA and EgyCan to MNHD.
MNHD’s new management is currently formulating its new strategy. This new strategy includes the company’s expansion plans, but for FY2021/22, the focus is on the land the company already has.
The company’s main land bank includes two land plots in East Cairo that carry no land liabilities: Taj City, which strategically sits on 3.5 million sqm at the intersection of the Cairo-Suez Road and the Ring Road, and Sarai, which sits on 5.5 million sqm in close proximity to the New Administrative Capital.
MNHD’s land bank also includes a 0.4 million sqm plot in West Assiut, which MNHD is planning to launch in FY2021/22 after completing its market research on the area. The company is studying the area closely since the project launch will answer many questions regarding the company’s expansion plans.