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Aldar offers to acquire majority stake in EGX-listed SODIC

Aldar offers to acquire majority stake in EGX-listed SODIC
The potential transaction will be executed by Aldar-led consortium
SODIC
OCDI
0.17% 17.31 0.03
Aldar
ALDAR
-1.29% 3.84 -0.05

Mubasher: Aldar Properties has submitted a preliminary non-binding offer to acquire a majority stake in Six of October Development and Investment (SODIC), an Egyptian real estate company.

The potential transaction will be executed by a consortium controlled and majority-owned by Aldar, according to a press release on Sunday.

The offer for a minimum of 51% of the outstanding share capital of the Egyptian Exchange (EGX) listed SODIC has an indicative purchase price in a range of EGP 18 to EGP 19 per share.

Hence, the mid-point of the price range values the Egyptian company at EGP 6.6 billion ($420 million), representing a premium of 14% to the closing share price on 11 March 2021.

After obtaining applicable regulatory approvals, the Aldar-led consortium will announce a mandatory tender offer in accordance with applicable laws and regulations.

In January, Aldar set a new operating model that focuses on sustainable growth across two business units: Aldar Investment and Aldar Development.

Aldar Development has been authorised to expand its operations into the Egyptian market to explore long-term opportunities, namely in the development of integrated mixed-use communities.