State-run Madinet Nasr for Housing and Development (MNHD) has approved an EGP 30 mn offer to sell its 98.4%-owned subsidiary, called Nasr Utilities and Installations (NUI), to an unnamed strategic investor, Invest-Gate reports.

The transaction stipulates almost EGP 4.9 mn for MNHD’s 98.4% stake, while the remainder is debts NUI owes to MNHD, according to the bourse filing on August 24, noting that the offer also covers the purchase of the remaining 1.6% stake in NUI, which is held by MNHD unit, or “El Nasr Civil Works.”

The company’s managing director has been authorized to ink the sale agreement and the ordinary general meeting will be convened to approve the deal in the near future, it further stated, underlining that the 98.4% stake amounts to 12.29 mn shares.

Earlier this month, MNHD has given Odin Investments approval to commence due diligence on El Nasr Civil Works, with the aim to exit its share in the latter company, according to a previous official statement.