{"id":555671,"date":"2021-11-23T04:00:06","date_gmt":"2021-11-23T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/aldar-adq-acquisition-of-sodic-approved-by-fra\/"},"modified":"2021-11-23T04:00:06","modified_gmt":"2021-11-23T04:00:06","slug":"aldar-adq-acquisition-of-sodic-approved-by-fra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/aldar-adq-acquisition-of-sodic-approved-by-fra\/","title":{"rendered":"Aldar-ADQ acquisition of SODIC approved by FRA"},"content":{"rendered":"

<\/a> Aldar-ADQ bid for SODIC is one step closer to materializing after getting<\/strong> regulatory green light: <\/strong>The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ\u2019s bid to acquire 90% of upmarket real estate developer SODIC is poised to move forward after the Financial Regulatory Authority (FRA) greenlit the offer yesterday, according to a statement (pdf)<\/a>. The market regulator\u2019s signoff comes two months after the consortium presented its offer<\/a> in September. The regulator released the statement after trading on the EGX closed yesterday.<\/p>\n

What\u2019s being offered:<\/strong> The Emirati consortium \u2014 which is 70% owned by Al Dar and 30% owned by ADQ \u2014 is looking to pay EGP 20 per share in an all-cash transaction, valuing SODIC at around EGP 7.1 bn (USD 452 mn). The final bid saw the consortium up its offer from its original EGP per share 18-19 bid<\/a> in March, which would have valued the company at EGP 6.6 bn.<\/p>\n

Some shareholders want a valuation made public:<\/strong> SODIC had ordered a fair value assessment back in April<\/a>. If the company makes the results public, it would help \u201cguide minority shareholders on the real value of the company,\u201d Act Financial CEO Bassem Azab told Enterprise. Act is part of a consortium with Hassan Allam Properties and Concrete Plus Engineering and Construction that together is the company\u2019s single largest shareholder, owning a 15% stake. Sharing the fair value assessment with the rest of the market \u201cshould help shareholders make the right decision\u201d on Aldar\u2019s bid, Azab said.<\/p>\n

What now?<\/strong> Now that the mandatory tender offer got final regulatory approval, the details of the offer should be made public within the coming days and shareholders will be given the chance to weigh in. Shareholders must agree to sell at least 51% of SODIC\u2019s shares for the agreement to go through. Market regulations for MTOs typically give shareholders 10-30 working days to respond and Aldar has the right to adjust its offer price throughout the process.<\/p>\n

The interest in SODIC \u2014 particularly from a regional player of Aldar\u2019s size \u2014 should have a positive impact on the country\u2019s real estate industry as a whole<\/strong>, as it signals foreign appetite for a sector that is underperforming largely because of market dynamics, Azab said. \u201cEven if the transaction doesn\u2019t go through for any reason, just the expression of interest that people want to buy a company in Egypt is a vote of confidence in the economy and stock market,\u201d Azab says. There are also multiple attractive potential targets in other industries for inbound M&A, Azab says, suggesting this is the \u201ckey road going forward\u201d to boost the EGX.<\/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 opportunities,\u201d it said in September.<\/p>\n

OTHER M&A NEWS-<\/strong><\/p>\n

Irish insulation manufacturer wants a piece of construction player ICON:<\/strong> Ireland-based insulation manufacturer Ki<\/a>ngspan<\/a> is bidding to acquire at least 65% of the Industrial Engineering Company for Construction and Development\u2019s (ICON<\/a>) sandwich panel manufacturing division, ICON said in a disclosure (pdf)<\/a> to the EGX. The potential acquisition would see ICON spin off the division (which manufactures components used to insulate the exteriors of buildings) into a separate company in which Kingspan would then buy a stake. The non-binding offer will be presented to ICON\u2019s board of directors to assess.<\/p>\n

How much are they offering? <\/strong>Kingspan said it would offer the equivalent of 8.5x the unit\u2019s 2021 EBITDA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aldar-ADQ bid for SODIC is one step closer to materializing after getting regulatory green light: The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ\u2019s bid to acquire 90% of upmarket real estate developer SODIC is poised to move forward after the Financial Regulatory Authority (FRA) greenlit the offer yesterday, according to a statement (pdf). The […]<\/p>\n","protected":false},"author":1,"featured_media":555672,"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":[215,72,7128,131,83,312,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-manufacturing","tag-real-estate","tag-sodic","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a0a12ab5-51fd-4f47-a266-6e199dafba68","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/556.jpg","photo_position":"above","related_issue":[555667],"teaser":"","voice_url":""},"yoast_head":"\nAldar-ADQ acquisition of SODIC approved by FRA - 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\/11\/23\/aldar-adq-acquisition-of-sodic-approved-by-fra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aldar-ADQ acquisition of SODIC approved by FRA\" \/>\n<meta property=\"og:description\" content=\"Aldar-ADQ bid for SODIC is one step closer to materializing after getting regulatory green light: The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ\u2019s bid to acquire 90% of upmarket real estate developer SODIC is poised to move forward after the Financial Regulatory Authority (FRA) greenlit the offer yesterday, according to a statement (pdf). 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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":553519,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/","url_meta":{"origin":555671,"position":1},"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":553599,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/","url_meta":{"origin":555671,"position":2},"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":557341,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/","url_meta":{"origin":555671,"position":3},"title":"Aldar, ADQ launch bid for SODIC","author":"enterpriseam admin","date":"15 September 2021","format":false,"excerpt":"The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ has submitted a mandatory tender offer for up to 90% of upmarket real estate developer SODIC, they said in a disclosure (pdf) to the ADX yesterday. The all-cash offer saw the consortium \u2014 which is 70% owned by Al Dar and\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\/9\/204.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/","url_meta":{"origin":555671,"position":4},"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":555793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/","url_meta":{"origin":555671,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555671","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=555671"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555671\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555672"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555671"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555671"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}