Abu Dhabi’s Aldar offers to buy majority stake in Egypt’s SODIC real estate company
- Date: 14-Mar-2021
- Source: Arab News
- Sector:Real Estate
- Country:UAE
Abu Dhabi’s Aldar offers to buy majority stake in Egypt’s SODIC real estate company
article author: Arab NewsSun, 2021-03-14 11:00
DUBAI: Abu Dhabi's Aldar is leading a consortium that is offering to acquire a majority stake in SODIC, one of Egypt's biggest property names.
The purchase price in the range of 18 to 19 Egyptian pounds per share, valuing the deal at $420 million at the mid-point of that range, Aldar said in a stock exchange filing on Sunday.
The deal is subject to due diligence, applicable regulatory approvals and other conditions, the Abu Dhabi developer said.
The offer represents a 14 percent premium to SODIC's closing price on Thursday.Main category: Business & EconomyTags: Abu DhabiEgyptreal estateFinance
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