The “Al Dar” Emirati alliance acquires the Egyptian “SODIC” . and this is the value of the agreement

The period of the purchase offer presented by the consortium of the Emirati Aldar Real Estate Company to Sixth has expired of October Development and Investment Company “SODIC” with a response of 85.5% of the shareholders of the company with a number of shares of 304.6 million shares, with a total transaction value of 6.1 billion pounds.

According to the takeover bid, SODIC shareholders had to offer in selling the shares they owned at least 51% of the company’s total shares at the end of the offering period to complete the deal, and this percentage was exceeded earlier this week.

The Aldar consortium had previously raised the offer price from 18-19 EGP per share to 20 EGP per share.

Two weeks ago, the Egyptian Financial Supervisory Authority approved the mandatory takeover offer submitted by the alliance between the Emirati Aldar Real Estate Company and the UAE government investment firm ADQ Holding to acquire 320.57 million shares , 90% of the shares of SODIC.

The independent financial advisor set the fair value of SODIC’s stake at 23.42 pounds per share.

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