ABU DHABI, 14th September / WAM / The consortium of Aldar Real Estate Company “Aldar” and “Holding” (ADQ) submitted a request to the Financial Supervisory Authority in Egypt to approve the submission of a compulsory purchase offer to acquire up to 90% and not less than 51% of the capital The outstanding capital of Sixth of October Development and Investment Company LLC “SODIC”, listed on the Egyptian Stock Exchange with the symbol OCDI.CA.
The request for approval of the compulsory purchase offer file was submitted on September 14, 2021 in accordance with Chapter Twelve of the Executive Regulations of the Capital Market Law No. 95 of 1992.
This offer comes after a comprehensive due diligence by the Alliance, which is 70% owned by Aldar and 30% by ADQ Holding, one of the largest holding companies in the region.
The alliance offers SODIC shareholders to purchase shares at a price of 20.0 Egyptian pounds per share, bringing the value of the company on the Egyptian Stock Exchange to 7.1 billion Egyptian pounds (453 million US dollars). This represents an 18% premium to the weighted average share price of SODIC. The three-month trading volume of 16.88 EGP, 21% on the average price weighted by the six-month trading volume of 16.50 EGP.
The consortium believes that its final offer to purchase shares at 20.0 pounds per share provides a rewarding exit opportunity and a valuable proposition for SODIC’s shareholders, which reflects the strength of the company’s main pillars and its brand.
Once the Financial Supervisory Authority approves the publication of the compulsory purchase offer, there will be a validity period for the offer ranging from 10-30 working days, as determined by the Financial Supervisory Authority, during which SODIC shareholders must respond to the compulsory purchase offer .. and after that Implementation of the offer within a maximum period of five working days.
The consortium’s proposed cash acquisition of a majority stake in “SODIC” falls within the framework of Aldar’s strategy to invest in the Egyptian real estate market, where the company is currently evaluating several investment opportunities.
Headquartered in Cairo, SODIC is one of the leading real estate companies in Egypt with a proven track record of developing residential, commercial and retail projects. The company enjoys a reputable reputation stemming from its strong management team, high standards of corporate governance, and valuable brand, and its distinguished approach to developing vibrant communities.
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