Cairo-based Emaar Misr for Development has denied news regarding negotiations with Madinet Nasr Housing and Development (MNHD) over an acquisition, Invest-Gate reports.

Emaar Misr’s announcement came after some newspapers published that the developer was intending to acquire MNHD, according to the former company’s bourse filing on February 3.

On January 31, Adham Hesham, associate vice president for real estate at Beltone Financial, told Al Arabiya Online that he expects Talaat Moustafa Holding (TMG Holding) and Emaar Misr to submit offers to acquire MNHD, highlighting that Emaar Misr is the closest candidate to finalize the transaction.

In a separate statement, MNHD also denied any talks with Emaar Misr concerning the same issue.

MNHD has earlier called off a planned merger via a share-swap with the Sixth of October Development and Investment Company (SODIC) due to failure to reach an agreement with the latter company over the former swap coefficient pact.