{"id":553559,"date":"2021-12-08T03:53:24","date_gmt":"2021-12-08T03:53:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/"},"modified":"2021-12-08T03:53:24","modified_gmt":"2021-12-08T03:53:24","slug":"aldar-adq-are-now-sodics-majority-shareholders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","title":{"rendered":"Aldar, ADQ are now SODIC\u2019s majority shareholders"},"content":{"rendered":"

<\/a> The Aldar-ADQ consortium officially owns 85.5% of SODIC: <\/strong>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<\/a> and SODIC (pdf)<\/a> said in separate statements yesterday following the conclusion of the mandatory tender offer. Aldar \/ ADQ paid EGP 20 per share after having originally said<\/a> they would offer EGP 18-19. The offer price values the company at EGP 7.1 bn and was at an 18% premium to the volume-weighted average price of EGP 16.88 at which SODIC shares traded in the three months prior to the takeover having been announced.<\/p>\n

SODIC\u2019s (now former) largest shareholder is among those selling:<\/strong> A consortium of Act Financial, Hassan Allam Properties, and Concrete Plus Engineering offloaded their entire 15% stake in the MTO, a top executive at one of the companies confirmed to Enterprise.<\/p>\n

The consortium had bid for up to 90% of the upmarket real estate developer<\/strong> and had set a floor of 51% for the transaction to go through. The consortium is 70% owned by Aldar and 30% by ADQ.<\/p>\n

SODIC\u2019s share price was unmoved by the news<\/strong>, closing down 0.2% to EGP 19.71 yesterday, while Aldar\u2019s Abu Dhabi-listed shares closed up 1.7%.<\/p>\n

\u201cAldar has identified Egypt as a priority market for international expansion<\/strong>, driven by a strong belief in the country\u2019s potential and the macro-economic fundamentals driving the real estate sector. After studying the market, SODIC emerged as our desired entry-partner and is a natural commercial fit for Aldar,\u201d Aldar CEO Talal Al Dhiyebi said.<\/p>\n

SODIC is happy with the acquisition: <\/strong>\u201cThe transaction provides SODIC\u2019s shareholders with immediate and substantial cash value reflecting the company\u2019s solid financial position and strong brand equity,\u201d Managing Director Magued Sherif said, adding that the consortium brings financial strength as well as a solid track record in institutional real estate investment, development of premium quality communities and destinations, and property management.<\/p>\n

Analysts say it\u2019s good news for the real estate sector: <\/strong>The acquisition is \u201cvery positive\u201d for the sector, Beltone Research Vice President Aly Adel tells us. The existence of foreign players in the sector is an indicator that, despite the view in some quarters that there is a bubble in the market, demand is strong, he said.<\/p>\n

The transaction has been in the works for almost nine months: <\/strong>Aldar Properties submitted a non-binding offer to acquire at least 51% of SODIC\u2019s shares back in March<\/a>. The consortium then presented its takeover offer 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

What\u2019s next:<\/strong> The transaction will be finalized in the coming days and the shares will be transferred by 16 December, Aldar said.<\/p>\n

Advisors: <\/strong>CI Capital advised Aldar and ADQ. EFG Hermes advised<\/a> SODIC and BDO did fair value duties.<\/p>\n

Aldar might want more of Egypt\u2019s real estate sector: <\/strong>The acquisition of SODIC \u201cis a part of Aldar\u2019s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several [potential ventures],\u201d it said in September.<\/p>\n

OTHER M&A NEWS-<\/strong> Real estate developer Al Organi Group has acquired the <\/strong>Royal Grand Sharm Hotel in Sharm el Sheikh<\/strong> from Banque Misr according to a statement from the bank (pdf)<\/a>. The sale is part of the bank\u2019s asset recycling strategy, the statement says, without providing further details on the transaction. A senior Banque Misr representative was unavailable for comment ahead of dispatch time.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 mandatory tender offer. Aldar \/ […]<\/p>\n","protected":false},"author":1,"featured_media":553560,"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":[299,215,72,7128,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"6ff33ea0-89c5-479c-87c3-bace1f57c63c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/253.jpg","photo_position":"above","related_issue":[553555],"teaser":"","voice_url":""},"yoast_head":"\nAldar, ADQ are now SODIC\u2019s majority shareholders - 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\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aldar, ADQ are now SODIC\u2019s majority shareholders\" \/>\n<meta property=\"og:description\" content=\"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 mandatory tender offer. Aldar \/ […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-08T03:53:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Aldar, ADQ are now SODIC\u2019s majority shareholders\",\"datePublished\":\"2021-12-08T03:53:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\"},\"wordCount\":597,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ADQ\",\"Aldar Properties\",\"EnterpriseAM\",\"M&A Watch\",\"real estate\",\"SODIC\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\",\"name\":\"Aldar, ADQ are now SODIC\u2019s majority shareholders - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2021-12-08T03:53:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aldar, ADQ are now SODIC\u2019s majority shareholders\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Aldar, ADQ are now SODIC\u2019s majority shareholders - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","og_locale":"en_US","og_type":"article","og_title":"Aldar, ADQ are now SODIC\u2019s majority shareholders","og_description":"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 mandatory tender offer. Aldar \/ […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-12-08T03:53:24+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Aldar, ADQ are now SODIC\u2019s majority shareholders","datePublished":"2021-12-08T03:53:24+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/"},"wordCount":597,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1","keywords":["ADQ","Aldar Properties","EnterpriseAM","M&A Watch","real estate","SODIC"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","name":"Aldar, ADQ are now SODIC\u2019s majority shareholders - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1","datePublished":"2021-12-08T03:53:24+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Aldar, ADQ are now SODIC\u2019s majority shareholders"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/253.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":606094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/","url_meta":{"origin":553559,"position":0},"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":553599,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/","url_meta":{"origin":553559,"position":1},"title":"No management shake-up at SODIC","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"SODIC management is staying on post-ADQ \/ Aldar acquisition: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ is planning to keep the executive management at SODIC unchanged after acquiring 85.5% of the upmarket real estate player, Al Borsa reports, citing unnamed sources.Both\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":553559,"position":2},"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. The consortium acquired last week 85.5%\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\/343.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":553559,"position":3},"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":[]},{"id":553519,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/","url_meta":{"origin":553559,"position":4},"title":"SODIC is officially getting Emirati owners","author":"enterpriseam admin","date":"7 December 2021","format":false,"excerpt":"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\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\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542864,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/","url_meta":{"origin":553559,"position":5},"title":"Aldar CEO appointed as SODIC chairman","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Aldar Group CEO Talal Shaffique Abdullah Al Dhiyebi (LinkedIn) will become SODIC\u2019s new chairman after being voted in by the board Tuesday, replacing Osama Saleh who will now serve as deputy chairman, the company announced in an EGX disclosure (pdf) following the new board of directors\u2019 first meeting on Tuesday.\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553559","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=553559"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553559\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/553560"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553559"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553559"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}