Madinet Nasr Housing (Madinet Nasr) is set to spin off its two units, El-Nasr for Civil Works and El-Nasr for Utilities and Installation. Madinet Nasr has a 52.5% share in the first, with a book value of EGP64.9mn and a 94.9% in the second with a book value of EGP3.1mn. A new entity will be established, to which the two entities will be moved, at book value. The shareholder structure of the new entity will mimic that of Madinet Nasr, at the time of the spin-off. (Company disclosure)
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