Aldar Properties, a real estate development, management and investment company with headquarters in Abu Dhabi, has submitted on Sunday a preliminary non-binding offer to capture a majority stake in the Egyptian real estate company, SODIC.
The potential transaction will be executed by a consortium controlled and majority-owned by Aldar, according to a press release on Sunday.
The offer for a minimum of 51 percent of the outstanding share capital of the Egyptian Exchange (EGX)-listed SODIC has an indicative purchase price in a range of 18 to 19 Egyptian pounds ($1.15 – $1.21) per share.
Hence, the mid-point of the price range values the Egyptian company at 6.6 billion Egyptian pounds ($420 million), representing a premium of 14 percent to the closing share price on 11 March 2021.
Following obtaining applicable regulatory approvals, the Aldar-led consortium will announce a mandatory tender offer in accordance with applicable laws and regulations.
In January, Aldar set a new operating model that focuses on sustainable growth across two business units: Aldar Investment and Aldar Development.
Aldar Development has been authorised to expand its operations into the Egyptian market to explore long-term opportunities, namely in the development of integrated mixed-use communities.
