Egyptian real estate developer SODIC said on Sunday it had withdrawn its non-binding offer to buy the entire share capital of Orascom Real Estate from Orascom Development Egypt.
The decision was based on the results of SODIC’s current market strategic reviews which concluded that SODIC should not proceed with the transaction, the company further said in a bourse filling.
“Referring to the preliminary non-binding offer dated 24 October 2022 submitted by Sixth of October for Development and Investment Company S.A.E. “SODIC” to Orascom Development Egypt S.A.E. “ODE” for the acquisition of the entire share capital of Orascom Real Estate S.A.E. (the “Target Company”), after careful consideration and mutual discussions with ODE, the management of SODIC has decided to withdraw from the acquisition process of the Target Company.”
SODIC submitted in October last year a non-binding cash offer to acquire 100 percent share capital of Orascom Real Estate for 2.46 billion Egyptian pounds.
In late 2021, Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake of 85.5 percent in SODIC.
