The FRA approved the mandatory tender offer by UAE company Aldar Properties & UAE sovereign wealth fund ADQ for SODIC, at EGP 20 per share.
More details🧐 The offer could see the purchase of up to 320.5 million shares, representing 90% of SODIC’s shares. SODIC shareholders now have 10 business days to respond to the offer, starting November 24 & ending December 7.
Why is this important🤔 SODIC’s largest shareholder, a consortium including Hassan Allam Properties, Act Financial, & Concrete Plus Engineering & Construction had asked for a fair value assessment of SODIC’s stock price back in April, hiring EFG Hermes (HRHO) to advise on it.
It’s important to note that the acquisition can’t go through unless at least 51% of the shares are sold.
