The Clap UAE’s Aldar Properties & state-backed company ADQ have submitted a mandatory tender offer (MTO) to Egypt’s FRA to acquire up to 90% of SODIC.
Who is affected🤷 The consortium, owned 70% by Aldar & 30% by ADQ, is offering a purchase price of EGP 20 per share, valuing the company at EGP 7.1 billion pounds ($453 million).
The offer follows a rigorous due diligence process carried out by the consortium, & “represents a compelling liquidity event and value proposition for SODIC’s shareholders, reflecting the company’s robust fundamentals & brand equity”, according to a statement filed to the Abu Dhabi Securities Exchange (ADX) by the consortium.
Why is this important🤔 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 consortium said that this potential majority stake in SODIC is part of Aldar’s overall strategy to expand into the “attractive Egyptian real estate market.”