News

OCDI (SODIC) Receives Takeover Offer From UAE’s Aldar Properties

14 Mar 2021

UAE’s Aldar Properties (Aldar) has submitted a preliminary non-binding offer for the potential cash acquisition of a majority stake in SODIC, implemented by a consortium controlled and majority-owned by Aldar. The offer for a minimum of 51% of SODIC is subject to due diligence, applicable regulatory approvals, and other conditions. Following a satisfactory outcome of the due diligence process, the Aldar-led consortium intends to make a mandatory tender offer in accordance with applicable laws and regulations.

In its offer to SODIC’s board, Aldar stated that the indicative purchase price offered would be in the range of EGP18-19/share. The mid-point of the range values the company at EGP6.6bn (USD420mn) and represents a 14% premium to SODIC’s closing price on 11 March 2021. (Source: Company Disclosure, al-Mal Newspaper)

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