Mayar Al-Ashry, vice president and real estate analyst at Al-Ahly Pharos Securities Brokerage Company, said the acquisition of the Egyptian consortium Al-Dar Real Estate on the Egyptian Development and Investment Company of 6 October (SODIC) was positive for the real estate sector in Egypt.
And Al-Ashry considered in an interview with “Al Arabiya” that the offer price is 20 riyals One pound per share, SODIC, is close to ‘Pharos’ valuation at 19 pounds per share.
It indicated a decline in sales of SODIC in the third quarter of questyear, following the interruption of a project in west Cairo, in order to change the position of the land, and there are upgrades in the infrastructure.
The Financial Supervisory Authority in Egypt has approved the mandatory takeover bid submitted by a consortium that includes Aldar Real Estate Company for a stake of up to 90% in SODIC.
The alliance includes, together with Emirati House Ventures International Holdings and Gamma Forge Company, provided that the transaction takes place at a price of £ 20 per share and a minimum execution of 51% of the company being offered.
The offer values SODIC at £ 7.2 billion.
It should be noted that the Egyptian stock exchange canceled all the transactions carried out during yesterday’s session on the SODIC share, based on the decision of the Financial Supervisory Authority.
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