Madinet Nasr for Housing and Development’s (MNHD) board of directors has given Odin Investments approval to commence due diligence on El Nasr Civil Works, Invest-Gate reports.

Proceedings to be handled following the investment bank’s signing of the non-disclosure agreement (NDA), MNHD announced in a bourse filing in early August.

First expressing interest on August 4, Odin Investments, along with other unidentified investors, was seeking a majority stake in El Nasr Civil Works, according to an earlier official statement.

MNHD owns a 52.5% stake in El Nasr, while the Holding Company for Construction and Development (HCCD) and El Nasr worker’s union hold a 19.3% and 5% stake, separately. Meanwhile, the remaining shares are listed on the EGX.

Previously, the EGX-listed property developer has uncovered that its net profits fell by 6% to EGP 484.6 mn in H1 2020, down from EGP 515.6 mn in the same period last year.

However, revenues jumped 21% to record EGP 1.31 bn in the first half of 2020, compared to EGP 1.1 bn in the year-ago results, according to MNHD’s latest unaudited financial results.