Madinet Nasr Housing and Development (MHND) and Sixth of October Development and Investment (SODIC) held a meeting on Thursday, May 17, in the presence of their advisors and top management to discuss options available for either merger or acquisition, Invest-Gate reports.

EFG Hermes and Zaki Hashem & Partners (ZH&P) have been appointed MHND’s advisors, while SODIC has chosen CI Capital and MHR & Partners (White & Case) to be their advisors, according to a joint press statement by both developers.

The two companies are keen on keeping the market up-to-date in terms of disclosure, according to the statement.

The proposed combination would bring together MNHD’s large land bank of over 9 mn square meters -located mainly in East Cairo- and its strong sales track record, and SODIC’s premium brand name and track record with a complementary land bank across West and East of Cairo and the North Coast, according to a previous statement by MNHD.