Aldar is a real estate company based in Abu-Dhabi, they have sent an email to SODIC to acquire the Egyptian real-estate company SODIC which is one of the major real estate companies listed on the Egyptian exchange.
SODIC announced that they had received an email from Aldar in March which contained an initial non-binding offer for acquisition. In the initial offer, Aldar offered to acquire a minimum of 51% of the stakes of SODIC. The reason that Aldar has decided to diversify their income is that back home the property sector is down due to the various circumstances where very few real estate projects are being required.
To be able to determine the cost of the stake, SODIC hired a company to do the estimation of its stake worth and the result was that the cost of the stake ranged from EGP 18 to EGP 19. Aldar then applied to be able to acquire SODIC to the Egyptian Financial Supervisory Authority (EFSA). Once the EFSA approved, Aldar was required to submit a compulsory tender where they offered EGP 20 per share for 95% of the shares which is more than the estimated EGP 18-EGP 19.
According to that tender offer around 320.6 million shares were sold with the cost of around EGP 6.4 billion. The offer is considered valid for 10 to 30 days in which SODIC is expected to study the feasibility of the purchase, identify the strengths and weaknesses as well as the practicality of the purchase.
SODIC is an investment and development company based in 6th of October city in Egypt. SODIC is considered one of Egypt’s leading real estate developers; they have a track record of 25 years where they built CLASS A large scale, mixed-use communities in west Cairo, east Cairo, and the north coast.
SODIC develops high-end, and high-quality property including commercial, residential, and even retail. Their developments are award-winning. SODIC also is considered one of Egypt's most credible developers where they deliver their projects ahead of the deadline 91% of the time. SODIC is listed on the Egyptian exchange market (EGX) under OCDI.CA.