Six of October Development and Investment (SODIC) is looking into Aldar Properties’ preliminary acquisition offer and has appointed EFG Hermes and an international investment bank as financial advisors to study it.

The consortium of investors led by Aldar Properties have submitted a potential cash acquisition for no less than a 51 percent stake of SODIC.

The financial advisors will negotiate the offer and help the company find other strategic opportunities, SODIC said in a statement to the Egyptian Exchange (EGX).

Read More > Aldar Properties looks to buy majority stake in SODIC

The alliance has submitted an offer all the way back in March, aiming to acquire a minimum of 51 percent of SODIC’s issued capital at an indicative purchase price ranging from LE 18 to LE 19 per share.

Back in February, Aldar announced its intentions to push into the Egyptian market. Reuters noted that it allocated capital for potential acquisitions in Abu Dhabi and in Egypt after disposing of more than 1 billion dirhams ($272.27 million) of assets around 2020-end.

During 2020, SODIC reported consolidated net profits of EGP 819.65 million, up from EGP 719.4 million in 2019.