Wednesday, May 22, 2024

UAE’s Aldar and ADQ seek to buy control of Egypt’s SODIC

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CAIRO, Sept 14 (Reuters) – The UAE’s Aldar Properties and ADQ have submitted a request to Egypt’s Financial Regulatory Authority (FRA) to acquire up to 90 percent of Egyptian property developer SODIC (OCDI.CA), they said on Tuesday.

The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said the companies, which are seeking a minimum of 51 percent of SODIC.

Aldar accounts for 70 percent of the consortium while ADQ, a state-backed holding company, makes up the remainder.

If approved by the FRA, shareholders would have 10 to 30 days to respond, after which Aldar and ADQ would have to complete the purchase within five days, the two companies said in a statement to the media.

SODIC’s shares opened at 17.97 Egyptian pounds on Tuesday, before the tender was announced.

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