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

The consortium, which is controlled 70% by Aldar and 30% by ADQ, has executed a buy order of 304.628 million shares valued at EGP 6.092 billion, according to a press release on Thursday.

At a purchase price of EGP 20 per share, the all-cash mandatory tender offer has valued SODIC at EGP 7.1 billion.

The consortium seeks to expand SODIC’s portfolio of mixed-use residential communities in Greater Cairo, the North Coast, and other major markets.