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Egypt's FRA approves Aldar-ADQ consortium's MTO to acquire SODIC

Egypt's FRA approves Aldar-ADQ consortium's MTO to acquire SODIC
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SODIC
OCDI
-0.10% 19.64 -0.02
Aldar
ALDAR
-1.71% 4.02 -0.07

Mubasher: The Egyptian Financial Regulatory Authority (FRA) has approved a mandatory tender offer (MTO) submitted by a consortium of Aldar Properties and ADQ to acquire up to 90% and a minimum of 51% of the outstanding share capital of Six of October Development and Investment (SODIC).

SODIC's shareholders have a validity period of ten working days in Egypt effective Wednesday 24 November 2021 to respond to the MTO, according to a press release on Wednesday.

The consortium, in which Aldar owns 70%, has offered a purchase price of EGP 20 per share, valuing Egypt-based SODIC at EGP 7.1 billion ($453 million).

It is noteworthy to mention that in September 2021, the consortium submitted an all-cash MTO to acquire a stake in SODIC for the approval of the FRA.