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A consortium comprising Abu Dhabi-based Aldar Properties and ADQ has submitted an all-cash mandatory tender offer for up to 90 percent of The Sixth of October for Development and Investment, also known as SODIC.
The submission for approval by the Egyptian Financial Regulatory Authority on Tuesday follows a rigorous due diligence process carried out by the consortium, which is owned 70 percent by Aldar and 30 percent by ADQ, one of the region’s largest holding companies, a statement said.
The consortium is offering a purchase price of EGP20 per share, valuing the company at EGP7.1 billion ($453 million).
This represents a premium of 18 percent over the three-month volume-weighted average price, the statement added.
An approval to launch the offer by the FRA will be followed by a “validity period” of 10-30 working days for SODIC shareholders to respond.
Aldar said this proposed acquisition of a majority stake in SODIC is a part of its expansion strategy into the Egyptian real estate market, with Aldar currently assessing several opportunities.
Headquartered in Cairo and listed on the Egyptian Exchange (EGX), SODIC is one of Egypt’s leading real estate companies.
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