{"id":553519,"date":"2021-12-07T03:59:39","date_gmt":"2021-12-07T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/"},"modified":"2021-12-07T03:59:39","modified_gmt":"2021-12-07T03:59:39","slug":"sodic-is-officially-getting-emirati-owners","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/","title":{"rendered":"SODIC is officially getting Emirati owners"},"content":{"rendered":"

<\/a> The Aldar \/ ADQ takeover of SODIC is going through:<\/strong> SODIC shareholders have so far agreed to sell shares equivalent to a 77.26% stake (275.2 mn shares) in the company to a consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in a mandatory tender offer, CI Capital, which is advising Aldar and ADQ, confirmed to Enterprise last night.<\/p>\n

What\u2019s next?<\/strong> The 10-day subscription period for the MTO ends at the end of trading today, but the Emirati consortium\u2019s MTO is effectively in the clear after passing the 51% minimum threshold for the agreement to go through. Aldar and ADQ are looking to acquire up to 90% of SODIC, meaning shareholders in the upmarket real estate developer can still sell shares equivalent to as much as 12.7% of the company before today\u2019s closing bell.<\/p>\n

It\u2019s still unclear whether a group that is presently SODIC\u2019s largest shareholder is among the sellers.<\/strong> A consortium of Act Financial, Hassan Allam Properties and Concrete Plus Engineering together make up SODIC\u2019s single-largest shareholder with a 15% stake in the company. A top exec at one of the companies declined to comment.<\/p>\n

The terms of the sale:<\/strong> The Emirati consortium \u2014 which is 70% owned by Al Dar and 30% owned by ADQ \u2014 is paying EGP 20 per share in an all-cash transaction, valuing SODIC at around EGP 7.1 bn (USD 452 mn). The company\u2019s board called on shareholders<\/a> last month to accept the offer despite it being priced almost 20% below<\/a> the EGP 23.42 share the upmarket developer\u2019s financial advisor BDO had suggested in its fair value study.<\/p>\n

SODIC\u2019s shares closed at EGP 19.75 each yesterday<\/strong>, rising from EGP 19.60 last week but remaining flat during yesterday\u2019s trading, according to market data. The company\u2019s shares have traded as low as EGP 14.02 and as high as EGP 19.89 in the past 52 weeks, according to Reuters data, meaning the MTO is at a premium to SODIC\u2019s average share price in the past year.<\/p>\n

Just what the nation\u2019s real estate industry needs? <\/strong>Aldar is a proven, well-capitalized player in the UAE\u2019s hyper-competitive real estate market and will bring to the Egyptian industry a set of skills and operating playbook that we expect will see many participants up their games. The transaction is also great news for foreign direct investment<\/strong>, underscoring to would-be strategics that it\u2019s possible to efficiently enter a key industry here.<\/p>\n

Background:<\/strong> The consortium had presented its takeover offer back in September<\/a>, when it initially tabled EGP 18-19 per share, which would have valued SODIC at EGP 6.6 bn. The Financial Regulatory Authority approved the bid last month<\/a>, kicking off the 10-day subscription window from 24 November.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Aldar \/ ADQ takeover of SODIC is going through: SODIC shareholders have so far agreed to sell shares equivalent to a 77.26% stake (275.2 mn shares) in the company to a consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in a mandatory tender offer, CI Capital, which is 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is officially getting Emirati owners - 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\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC is officially getting Emirati owners\" \/>\n<meta property=\"og:description\" content=\"The Aldar \/ ADQ takeover of SODIC is going through: SODIC shareholders have so far agreed to sell shares equivalent to a 77.26% stake (275.2 mn shares) in the company to a consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in a mandatory tender offer, CI Capital, which is […]\" \/>\n<meta property=\"og:url\" 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"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":553519,"position":1},"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 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The Emirati consortium has offered to purchase 90% of the company at EGP 20.00 per share,\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\/11\/649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/","url_meta":{"origin":553519,"position":4},"title":"A final offer?","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"The Emirati consortium bidding to acquire upmarket developer SODIC will not up its bid again if shareholders reject the price of the ongoing mandatory tender offer, Al Shorouk reports. Aldar Properties and Abu Dhabi sovereign fund ADQ have already upped their offer price from EGP 18-19 to EGP 20, valuing\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":553971,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/now-make-it-official\/","url_meta":{"origin":553519,"position":5},"title":"Now make it official","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"The Aldar \/ ADQ consortium and SODIC are now hitched: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ officially took ownership of 85.5% of SODIC\u2019s shares after the acquisition was executed during yesterday\u2019s EGX trading session. 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