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Thursday, 9 December 2021

No management shake-up at SODIC

SODIC management is staying on post-ADQ / Aldar acquisition: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ is planning to keep the executive management at SODIC unchanged after acquiring 85.5% of the upmarket real estate player, Al Borsa reports, citing unnamed sources.

Both sides of the agreement are happy with the partnership: SODIC was Aldar’s top pick as an entry point into Egypt’s real estate market, Aldar CEO Talal Al Dhiyebi said earlier this week. The Emirati real estate player had also previously signaled that it plans to grow its footprint in the market and is “currently assessing” several potential ventures. Meanwhile, SODIC Managing Director Magued Sherif said the Emirati consortium’s acquisition of a majority share in the company “provides SODIC’s shareholders with immediate and substantial cash value reflecting the company’s solid financial position and strong brand equity.”

Refresher: Aldar and ADQ had bid for up to 90% of SODIC in an offer first put forward in March, originally saying they would offer EGP 18-19 per share, before upping their offer to EGP 20 per share in their mandatory tender offer in September.

The transaction is expected to be finalized in the coming days and the shares will be transferred by 16 December, Aldar said after the conclusion of the mandatory tender offer earlier this week.

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.

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