The Financial Supervisory Authority has approved the request of the alliance of “Al Dar Real Estate” and “ADQ Holding” to submit a mandatory purchase offer to acquire up to 90% and not less than 51% of the outstanding capital of SODIC listed on the Egyptian Stock Exchange.
With the approval of the Authority issued on November 22, the period of validity of the compulsory purchase offer begins for 10 working days from November 24, during which SODIC shareholders must respond to the offer, according to a statement to the Abu Dhabi Securities Exchange.
The consortium offers SODIC shareholders to purchase shares at 20 Egyptian pounds ($1.27) per share, bringing the company’s market value to 7.1 billion Egyptian pounds ($450 million), which represents a 15% premium over the six-month weighted average price. The adult is 17.4 pounds.
The consortium believes that its final offer to purchase shares at 20 pounds per share provides a rewarding exit opportunity and a valuable proposition for SODIC shareholders, which reflects the strength of the company’s main pillars and its brand.
It is noteworthy that, during September 2021, a consortium consisting of Aldar Ventures International Holdings RSC Limited and Gamma Forge Limited submitted a compulsory purchase offer to purchase up to 320.57 million shares, representing 90% of the shares of the Sixth of October Development and Investment Company – SODIC, at a cash price. It amounts to 20 pounds per share, with a minimum execution rate of 51% of the target company’s shares.