Mubasher: A consortium comprising Aldar Properties and ADQ will acquire around 85.52% of the outstanding share capital of Six of October Development and Investment (SODIC) following a mandatory tender offer (MTO).

The consortium, owned 70% by Aldar and 30% by ADQ, seeks to enable SODIC to expand its portfolio of mixed-use residential communities in Greater Cairo, the North Coast, and other major markets, according to a recent press release.

SODIC's shares were tendered to the consortium at EGP 20 per share to value the Egyptian company at EGP 7.1 billion.

The transaction's closing is subject to execution and settlement procedures on the Egyptian Stock Exchange (EGX).

The Group CEO of Aldar, Talal Al Dhiyebi, commented: "Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macro-economic fundamentals driving the real estate sector."

It is noteworthy to mention that in November 2021, the Egyptian Financial Regulatory Authority (FRA) has approved a mandatory tender offer (MTO) submitted by the consortium to acquire up to 90% and a minimum of 51% of SODIC.