Hundreds of social workers and volunteers are working round the clock, providing essentials to those affected by the unprecedented rainfall
A consortium lead by the UAE’s property giant Aldar and the region’s one of the leading holding companies ADQ looks set to enter Egypt’s fast growing real estate industry by submitting an offer to acquire majority stakes in a leading developer.
“Aldar Properties and ADQ have submitted a request to Egypt’s Financial Regulatory Authority (FRA) to acquire up to 90 per cent of Egyptian property developer Sodic,” the two companies 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 per cent of Sodic.
“The offer represents a premium of 18 per cent over the three-month volume-weighted average price (VWAP) of 16.88 Egyptian pounds, and a premium of 21 per cent over the six-month VWAP of 16.50 Egyptian pounds.
“The consortium believes that its final offer of 20 Egyptian pounds per share represents a compelling liquidity event and value proposition for Sodic’s shareholders, reflecting the company’s robust fundamentals and brand equity,” according to a joint statement by Aldar and ADQ.
Aldar accounts for 70 per cent 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.
This proposed acquisition of a majority stake in Sodic is a part of Aldar’s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities.
Sodic is one of Egypt’s leading real estate companies with a strong track record in developing high-quality residential, commercial, and retail projects. The Cairo-based company is listed on the Egyptian Exchange and has a good repute in the market.
Sodic’s shares opened at 17.97 Egyptian pounds on Tuesday, before the tender was announced.
— muzaffarrizvi@khaleejtimes.com
Hundreds of social workers and volunteers are working round the clock, providing essentials to those affected by the unprecedented rainfall
The floodwaters spared nothing, soaking their furniture, rendering household appliances useless, and destroying the newly-purchased school books
Second-placed Liverpool remain three points behind Arsenal, who have a vastly superior goal difference
The in-form Italian will move to within 330points of World No 1 Djokovic if he wins his fourth trophy of 2024 at the Madrid Open
The King, 88, had undergone gallbladder surgery in 2020
Delhi posted 224-4 courtesy of a 113-run stand between Pant (88) and fellow left-hander Axar Patel, who hit 66
The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively