Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request by the UAE’s Aldar Properties to extend the deadline for submitting a mandatory tender offer (MTO) to fully acquire Six of October Development and Investment (SODIC). 

The deadline has been extended for another 30 business days following another extension that will end on 2 August, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday. 

The Emirati real estate developer asked for a deadline extension in order to complete the due diligence process.

In mid-March, Aldar Properties submitted a preliminary non-binding offer to acquire a majority stake in SODIC.

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

In April, the board of directors of SODIC approved the appointment of EFG Hermes and an international investment bank as financial advisors to study the preliminary acquisition offer submitted by an alliance led by Aldar Properties.

During the first quarter (Q1) of 2021, SODIC achieved net profits of EGP 100.46 million, up from EGP 30.006 million in the year-ago period, including minority shareholders’ rights.