UAE’s Aldar Properties recently requested for a deadline extension for submitting a mandatory purchase offer in its quest to fully acquire Six of October Development and Investment (SODIC)
UAE’s Aldar Properties recently requested for a deadline extension for submitting a mandatory purchase offer in its quest to fully acquire Six of October Development and Investment (SODIC).
The Egyptian Financial Regulatory Authority (FRA) announced that it had decided to extend the deadline for receiving the offer by an additional 30 working days, beginning from the original deadline of 14 June in order to complete the due diligence process in an Egyptian Exchange statement.
Aldar submitted a preliminary non-binding offer for an acquisition of at least 51 percent back in mid-March, with an indicative share price in the range of LE 18-19 ($1.15-$1.22) per share at the time.
Mid-April saw SODIC appoint EFG Hermes and an international investment bank as financial advisors to study the preliminary offer sent by the Aldar-led consortium.
During the first quarter (Q1) of 2021, SODIC achieved net profits of LE 100.46 million, up from LE 30.006 million in the year-ago period, including minority shareholders’ rights.
