{"id":555864,"date":"2021-11-30T04:02:28","date_gmt":"2021-11-30T04:02:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark\/"},"modified":"2021-11-30T04:02:28","modified_gmt":"2021-11-30T04:02:28","slug":"sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark\/","title":{"rendered":"SODIC approves Aldar offer despite falling short of fair value report benchmark"},"content":{"rendered":"

<\/a> SODIC\u2019s board of directors has approved a bid from Aldar Properties and <\/strong>ADQ despite the offer price falling short of the benchmark set in a fair value report<\/strong>, according to an EGX filing (pdf<\/a>)<\/a>. The Emirati consortium has offered to purchase 90% of the company at EGP 20.00 per share, valuing the company at EGP 7.1 bn. That\u2019s almost 20% below the EGP 23.42 share price the upmarket developer\u2019s financial advisor BDO had set in its fair value study. SODIC declined to comment further on the statement when we asked yesterday.<\/p>\n

The rationale:<\/strong> The developer cited the \u201ccurrent global economic conditions and the effect of the covid-19 pandemic\u201d as well as the consortium\u2019s \u201ceconomically strong\u201d positions as reasons for backing the transaction at the current price. The consortium is also reportedly not planning<\/a> to up its bid if shareholders reject the price, after having raised its bid once before from EGP 18-19<\/a>.<\/p>\n

There\u2019s also the fact that Aldar would be a heck of boost for the domestic real estate industry<\/strong>, bringing know-how and a competitive metabolism honed in the ultra-competitive Emirati market. (The transaction going through would also be also a great sign for other foreign investors watching the transaction, but that\u2019s another issue.)<\/p>\n

Where does that leave the <\/strong>shareholders<\/strong>?<\/strong> It appears that SODIC\u2019s single largest shareholder \u2014 a consortium made up of Act Financial, Hassan Allam Properties and Concrete Plus Engineering and Construction, who together own a 15% stake \u2014 has yet to make a decision. Act had been waiting<\/a> on SODIC to make public the results of the fair value assessment to help \u201cguide minority shareholders on the real value of the company,\u201d CEO Bassem Azab previously told Enterprise. The shareholders now have until 7 December to make a decision. Shareholders need to agree to sell at least 51% of SODIC\u2019s shares for the MTO to be successful. Act Financial did not return a call yesterday requesting comment.<\/p>\n

SODIC\u2019s shares closed yesterday at EGP 19.60 each<\/strong>, surpassing the upper end of the EGP 13.95-19.50 band in which they\u2019ve been trading for the past 52 weeks, according to market data from the EGX.<\/p>\n

FOLLOW UP-<\/strong> A story we picked up from Al Shorouk earlier this week incorrectly reported that EFG Hermes had decided to respond to the MTO by selling its 2.4% stake in SODIC. A source with direct knowledge of the matter has informed us that EFG offloaded its stake long before the Aldar-ADQ bid.<\/p>\n","protected":false},"excerpt":{"rendered":"

SODIC\u2019s board of directors has approved a bid from Aldar Properties and ADQ despite the offer price falling short of the benchmark set in a fair value report, according to an EGX filing (pdf). The Emirati consortium has offered to purchase 90% of the company at EGP 20.00 per share, valuing the company at EGP […]<\/p>\n","protected":false},"author":1,"featured_media":555865,"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":[299,215,3277,72,7128,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-aldar-properties","tag-bdo","tag-enterpriseam","tag-ma-watch","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"e71a47a3-9951-410b-a043-d76406df25a9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/649.jpg","photo_position":"above","related_issue":[555860],"teaser":"","voice_url":""},"yoast_head":"\nSODIC approves Aldar offer despite falling short of fair value report benchmark - 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\/30\/sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC approves Aldar offer despite falling short of fair value report benchmark\" \/>\n<meta property=\"og:description\" content=\"SODIC\u2019s board of directors has approved a bid from Aldar Properties and ADQ despite the offer price falling short of the benchmark set in a fair value report, according to an EGX filing (pdf). 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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":553559,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","url_meta":{"origin":555864,"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 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":553599,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/","url_meta":{"origin":555864,"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":555671,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/aldar-adq-acquisition-of-sodic-approved-by-fra\/","url_meta":{"origin":555864,"position":3},"title":"Aldar-ADQ acquisition of SODIC approved by FRA","author":"enterpriseam admin","date":"23 November 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In "M&A 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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":555793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/","url_meta":{"origin":555864,"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\/555864","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=555864"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555864\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555865"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555864"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555864"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}