Aldar-ADQ consortium to acquire share majority in SODIC
ABU DHABI, 16th December, 2021 – A consortium comprising Aldar Properties (Aldar) and ADQ will acquire approximately 85.
52% of the outstanding share capital of The Sixth of October for Development and Investment S.
(SODIC) (EGX: OCDI.
CA) following a successful mandatory tender offer (MTO).
The Abu Dhabi based consortium, which is controlled 70% by real estate developer and manager Aldar and 30% by ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, will focus on identifying growth opportunities and guiding the company’s long-term strategy.
The consortium’s objective is to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar, commented, “Aldar has identified Egypt as a priority market for international expansion, driven by a strong belief in the country’s potential and the macro-economic fundamentals driving the real estate sector.
After studying the market, SODIC emerged as our desired entry-partner and is a natural commercial fit for Aldar.
The transaction is a testament to both Aldar and ADQ’s belief in the company’s track record, governance framework and business model and we look forward to supporting SODIC create even greater economic and social value for its stakeholders, most notably the communities that the company serves across Egypt.
The all-cash mandatory tender offer, at a purchase price of EGP 20.
0 per share, valued SODIC at EGP 7.
The offer was accepted by shareholders representing 85.
52% of outstanding share capital, resulting in a transaction value of EGP 6.
1 billion (US$386.
The transaction will be finalised in the coming days, with shares transferred by 16th December.