Sunday, 25 July 2021

Aldar gets more time for SODIC MTO

Aldar Properties has another 30 working days beyond a previous 2 August deadline to submit a mandatory tender offer for no less than 51% of real estate developer Sodic’s shares, after the Financial Regulatory Authority extended the bidding deadline based on a request by the Emirati real estate firm, the regulator said in an EGX statement (pdf). The decision gives Aldar more time to complete its due diligence, which the company said it was halfway done with in May. This is the third time the FRA has pushed the deadline.

Background: Aldar submitted in March a non-binding offer for a controlling stake in Sodic at EGP 18-19 per share, valuing the company at EGP 6.41-6.76 bn.

Advisors: EFG Hermes and an undisclosed international investment bank have the mandate to advise SODIC, while CI Capital is acting as the investment bank to the buyer.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.