{"id":553599,"date":"2021-12-09T03:42:11","date_gmt":"2021-12-09T03:42:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/"},"modified":"2021-12-09T03:42:11","modified_gmt":"2021-12-09T03:42:11","slug":"no-management-shake-up-at-sodic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/","title":{"rendered":"No management shake-up at SODIC"},"content":{"rendered":"

SODIC management is staying on post-ADQ \/ Aldar acquisition:<\/strong> 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<\/a> reports, citing unnamed sources.<\/p>\n

Both sides of the agreement are happy with the partnership:<\/strong> SODIC was Aldar\u2019s top pick as an entry point into Egypt\u2019s real estate market, Aldar CEO Talal Al Dhiyebi said earlier this week. The Emirati real estate player had also previously signaled<\/a> that it plans to grow its footprint in the market and is \u201ccurrently assessing\u201d several potential ventures. Meanwhile, SODIC Managing Director Magued Sherif said the Emirati consortium\u2019s acquisition of a majority share in the company \u201cprovides SODIC\u2019s shareholders with immediate and substantial cash value reflecting the company\u2019s solid financial position and strong brand equity.\u201d<\/p>\n

Refresher:<\/strong> Aldar and ADQ had bid for up to 90% of SODIC in an offer first put forward in March<\/a>, originally saying they would offer EGP 18-19 per share, before upping their offer to EGP 20 per share in their mandatory tender offer in September<\/a>.<\/p>\n

The transaction is expected to be finalized in the coming days<\/strong> and the shares will be transferred by 16 December, Aldar said after the conclusion of the mandatory tender offer earlier this week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 sides of the agreement […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[299,215,72,7128,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553599","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-adq","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"1ba5aff4-77df-49fc-ad93-9a787c3200c8","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553593],"teaser":"","voice_url":""},"yoast_head":"\nNo management shake-up at SODIC - 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\/09\/no-management-shake-up-at-sodic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No management shake-up at SODIC\" \/>\n<meta property=\"og:description\" content=\"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. 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