February 5, 2023

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Emirates News Agency – Aldar & Al-Holding Consortium is offering a mandatory purchase offer to purchase a 90% stake in SODIC.

Abu Dhabi, September 14 / Aldar, a consortium of real estate companies Aldar and Holding (ADQ), has agreed to submit a 90% compulsory purchase offer to the Financial Supervision Commission in Egypt. And less than 51% of the capital is listed on the Egyptian Stock Exchange on October 6 with the Best Capital Development and Investment Company SAE “SODIC”, OCDI.CA logo.

The request for approval of the Compulsory Purchase Concession File was filed on September 14, 2021 under Chapter XII of the Capital Market Act No. 95 of 1992.

The offer comes after the alliance’s extensive diligence, which is owned by 70% Altar and 30% ADQ Holding, one of the largest holding companies in the region.

The alliance offers SODIC shareholders to buy shares at a price of 20.0 Egyptian pounds per share, bringing the company’s value to the Egyptian stock market to 7.1 billion Egyptian pounds (US $ 453 million). This represents a premium of 18% per weight on the average share price of SODIC. The three-month trading volume is 16.88 EGP, with a six-month trading volume weighing in at 16.50 EGP at an average price of 21%.

The consortium believes the final offer to buy shares at 20 20.0 per share offers a valuable exit opportunity and a valuable proposition to SODIC shareholders, reflecting the company’s key pillars and the strength of its brand.

Once the Financial Supervision Commission approves the issuance of the mandatory oversight offer, the offer will have a validity period of 10-30 working days, as determined by the Financial Supervision Commission. And after that the offer must be implemented within a maximum of five working days.

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The acquisition of a majority stake in the federation’s proposed “SODIC” comes within the framework of Aldarin’s strategy for investing in the Egyptian real estate market, where the company is currently evaluating a number of investment opportunities there.

Headquartered in Cairo, SODIC is one of Egypt’s leading real estate companies with a proven track record of creating residential, commercial and retail projects. The company has a strong management team, high standards of corporate management and a reputable reputation. Its unique approach to nurturing the brand and vibrant communities.

WAM / Ahmed Al Nuaimi / Reda Abdel Nour