Madinet Nasr Housing & Development (MNHD) announced that it has completed the sale of its treasury shares on 6 February. The company had bought back 4mn shares, worth a combined EGP74.6mn (worth cEGP77.7mn on the day of the sale). The company had announced that the proceeds of the sale of the treasury shares will be used to partially finance a cash dividend distribution. MNHD had also announced sales worth EGP45.9mn were completed in January 2017 (vs. EGP30.3mn in January 2016), mostly coming from Taj City (EGP37.4mn), and the rest coming from Sarai (EGP4.7mn) and Tag Sultan (EGP3.7mn). Management attributed the weakness in sales in January to limited inventory. The company is targeting EGP5bn in contracted sales for 2017. The first planned launch for the year will be at Sarai, with a value of EGP1bn. (Company disclosure)