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Aldar offers to buy majority stake in Egypt’s SODIC

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Abu Dhabi real estate developer Aldar is offering to acquire a majority stake in one of Egypt’s biggest developers

Abu Dhabi’s largest real estate developer, Aldar has made an offer to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC).

Headquartered in Cairo and listed on the Egyptian Exchange (EGX), SODIC is one of Egypt’s leading real estate companies, developing commercial, residential and retail projects across Cairo.

According to reports, the purchase price per share is approximately 18 to 19 Egyptian pounds, with the deal valued at around USD 420 million.

The offer represents a 14% premium to SODIC’s closing price.

 

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