{"id":550399,"date":"2022-10-26T04:12:07","date_gmt":"2022-10-26T04:12:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn\/"},"modified":"2022-10-26T04:12:07","modified_gmt":"2022-10-26T04:12:07","slug":"sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn\/","title":{"rendered":"SODIC offers to buy O West developer ORE for EGP 2.46 bn"},"content":{"rendered":"

<\/a> SODIC is making a bid to acquire Orascom for Real Estate (ORE)<\/strong>. The upmarket real estate developer has submitted a preliminary, non-binding offer to acquire 100% of Orascom Development Egypt (ODE) subsidiary Orascom for Real Estate (ORE), the companies said in separate exchange filings (here, pdf<\/a> | here, pdf<\/a>) yesterday.<\/p>\n

SODIC is feeling very acquisitive under new ownership<\/strong>:<\/strong> An Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ acquired 85.5% of SODIC<\/a> for EGP 6.1 bn last year \u2014 and it\u2019s pushing for aggressive growth in a market it sees laden with potential. Aldar said last year after the SODIC acquisition that it was mulling several additional investments in the Egyptian real estate market. The company recently offered to acquire<\/a> 100% of MNHD in a transaction valuing the company at some EGP 6.2 bn in July, a bid that MNHD shareholders said<\/a> was too low. SODIC then dropped its bid<\/a> for MNHD.<\/p>\n

The valuation:<\/strong> SODIC\u2019s offer values ORE \u2060\u2014 which owns the 4.2 mn sqm O West development \u2060\u2014 at almost EGP 2.5 bn (USD 124.9 mn). That\u2019s equal to more than a third of ODE\u2019s nearly EGP 6.4 bn market cap.<\/p>\n

Due diligence is underway:<\/strong> ODE given SODIC the green light to do due diligence, it said, paving the way for talks on the transaction to begin. ODE is actively considering the offer, a source familiar with the transaction told Enterprise yesterday, declining to comment further.<\/p>\n

Market reax:<\/strong> ODE shares gained 5.3% during trading yesterday to close at EGP 5.99.<\/p>\n

O West is a serious money-maker for ODE:<\/strong> Revenues from the O West development in West Cairo accounted for a fifth of ODE\u2019s top line in 2021. It was the second-most lucrative location after El Gouna, according to company figures (pdf)<\/a>.<\/p>\n

Who owns what: <\/strong>ODE owns a 70% majority stake in ORE, while founder Samih Sawiris owns the balance, according to the company\u2019s shareholder structure (pdf)<\/a>.<\/p>\n

ADVISORS<\/strong>: <\/strong>CI Capital is sole financial advisor on the buy side and Zulficar & Partners are buy-side legal counsel. EFG Hermes have the mandate as sole sell-side financial advisor.<\/p>\n

The story got attention internationally:<\/strong> Reuters<\/a>.<\/p>\n

EIPICO IS GETTING BORED WAITING FOR UP PHARMA-<\/strong><\/p>\n

The board of Egyptian International Pharma Industries Company (<\/strong>EIPICO<\/a><\/strong>) could <\/strong>abandon its bid to acquire Upper Egypt Pharma <\/strong>(UP Pharma<\/a>) after months of waiting on the company to allow it to conduct due diligence, EIPICO said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

Refresher:<\/strong> EIPICO\u2019s board had approved the start of procedures to potentially acquire 99.9%<\/a> of UP Pharma in late May. Both firms are owned by the Arab Company for Drug Industries and Medical Appliances (ACDIMA<\/a>). The transaction would see EIPICO snag ACDIMA\u2019s stake in UP Pharma to bring its sibling firm under its umbrella.<\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC is making a bid to acquire Orascom for Real Estate (ORE). The upmarket real estate developer has submitted a preliminary, non-binding offer to acquire 100% of Orascom Development Egypt (ODE) subsidiary Orascom for Real Estate (ORE), the companies said in separate exchange filings (here, pdf | here, pdf) yesterday. SODIC is feeling very acquisitive […]<\/p>\n","protected":false},"author":1,"featured_media":550400,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[487,72,7128,256,427,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-eipico","tag-enterpriseam","tag-ma-watch","tag-orascom-development-egypt","tag-pharma","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"592bab85-1d68-48e9-8e68-08e6e1699a10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/335.jpg","photo_position":"above","related_issue":[550395],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.b025b0fe-135a-4a48-b6cc-56108dc96bdc.mp3"},"yoast_head":"\nSODIC offers to buy O West developer ORE for EGP 2.46 bn - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/sodic-offers-to-buy-o-west-developer-ore-for-egp-2-46-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC offers to buy O West developer ORE for EGP 2.46 bn\" \/>\n<meta property=\"og:description\" content=\"SODIC is making a bid to acquire Orascom for Real Estate (ORE). 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Aldar last month submitted a non-binding offer to\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/","url_meta":{"origin":550399,"position":3},"title":"SODIC gets two new board members","author":"enterpriseam admin","date":"11 September 2023","format":false,"excerpt":"ADQ\u2019s Roque Solabarrieta and Khalifa Albloushi will now sit on the board","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/745.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553559,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","url_meta":{"origin":550399,"position":4},"title":"Aldar, ADQ are now SODIC\u2019s majority shareholders","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"The Aldar-ADQ consortium officially owns 85.5% of SODIC: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ have acquired 85.5% of SODIC in an all-cash, EGP 6.1 bn transaction, Aldar and SODIC (pdf) said in separate statements yesterday following the conclusion of the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543630,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/","url_meta":{"origin":550399,"position":5},"title":"Aldar could target retail + education acquisitions in Egypt","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"Egyptian retail + education assets could be in Aldar\u2019s crosshairs: Aldar Properties will spend at least AED 5 bn (c. USD 1.4 bn) on acquiring retail and education assets in Egypt, the UAE and Saudi Arabia, CFO Greg Fewer said during a call following the company\u2019s latest earnings release yesterday,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550399"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550399\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550400"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550399"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550399"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}