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MNHD to acquire MINKA Developments

The board of directors of Madinet Nasr for Housing and Development (MNHD) approved the appointment of Abdallah Sallam as the new CEO of the real estate developer.

The board also agreed to acquire MINKA Developments from the Sallam family which plans to own about 5% of MNND after the completion of the transaction, MNHD said in a bourse disclosure on Monday.

The Sallam family will become the third-largest shareholder in MNHD following BPE Partners’ managed funds and the National Company for Construction and Development which have respective stakes of 29% and 15%.