Magued Sherif, Managing Director of SODIC, said on Tuesday that the UAE consortium of Aldar Properties and ADQ has requested the acquisition of a majority stake in SODIC, stressing that there is no intention to delist the company from the Egyptian Exchange (EGX), and that its name will remain unchanged.
Last week, SODIC announced that the majority of shareholders agreed to sell their shares.
The company said that after the successful closing of the binding offer of purchase, the consortium will acquire 304.628 million shares of SODIC shares at a price of EGP 20 per share, with the company’s valuation of more than EGP 7.1bn, as the value of the deal reached EGP 6.1bn.
Aldar and ADQ acquisition of the majority of the SODIC’s shares will have a major role in supporting the company to continue its investment plan, especially with regard to expansion in several new areas other than the current areas it is working on, according to Sherif.
He further disclosed that the deal reflects the great strength of the Egyptian economy, especially since the consortium has a long-term investment plan and possesses high capabilities that will have a role in providing an added value to Egypt’s real estate market.
He added that so far, work is underway to complete the procedures for completing the deal through the stock exchange process, which is currently taking place, and explained that a meeting will be held with the consortium’s officials in the coming period to agree on features of the plan for the next period.
Sherif concluded: “The acquisition of the majority stake of SODIC by the UAE consortium is a testimony of confidence in the solidity of the Egyptian economy, and the great opportunities it provides for investment. Over and above, it is the largest foreign investment entering the Egyptian real estate sector, and it will certainly be a strong addition to the Egyptian market, because we are talking about a strong, long-term investor who intends to expand and invest in Egypt.”
