Egypt’s market regulator announced on Sunday it had granted Abu Dhabi’s master-developer Aldar Properties an extension until early September to make a firm offer to acquire a majority stake in the Egyptian developer SODIC.
Aldar had earlier requested the Egyptian Financial Regulatory Authority (FRA) for an extension, with the current deadline expiring on August 2, saying it sought to do more due diligence on the acquisition prospects. FRA granted Aldar an extension valid for 30 days from August 2.
In March, Aldar submitted a preliminary non-binding offer to buy a minimum of 51 percent of the outstanding share capital of SODIC, with an indicative share price in the range of 18-19 Egyptian pounds ($1.15-$1.22) per share. It said in a bourse filling that the acquisition – if successful – would be implemented through a consortium controlled and majority-owned by Aldar.
SODIC, or the Sixth of October Development and Investment Co., is a key player in the Egyptian real estate market, having a wide range of residential and mixed-use projects in its portfolio.
