This will be the 3rd time that FRA has agreed to extend the deadline, with the last request accepted in June
Aldar Properties has submitted a request for another extension on its deadline to acquire of the Sixth of October Development and Investment Company “SODIC”.
The Egyptian Financial Supervisory Authority (FRA) has agreed to extend the deadline for the UAE’s “Aldar Properties” to submit a compulsory purchase offer to acquire 51% of SODIC, the authority said in a statement earlier today.
This will be the 3rd time that FRA has agreed to extend the deadline, with the last request accepted in June, giving Aldar an additional 30 days to complete its due diligence.
Aldar previously stated that it was halfway through its due diligence back in May. The company will have an additional 30 working days after the end of its previous deadline on August 2nd.
The acquisition was announced back in March, stating they wanted “to focus our outward growth into Egypt on the development side of the business and deploy meaningful capital into the opportunities coming there”.
The offer for a minimum of 51% of the outstanding share capital of SODIC has an indicative purchase price in a range of EGP 18 to EGP 19 per share.
SODIC’s board of directors had approved the appointment of EFG Hermes and an international investment bank as financial advisors to study the Aldar properties-led consortium’s preliminary acquisition offer.