{"id":557341,"date":"2021-09-15T04:00:47","date_gmt":"2021-09-15T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/"},"modified":"2021-09-15T04:00:47","modified_gmt":"2021-09-15T04:00:47","slug":"aldar-adq-launch-bid-for-sodic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/","title":{"rendered":"Aldar, ADQ launch bid for SODIC"},"content":{"rendered":"

<\/a> The UAE\u2019s Aldar Properties and sovereign wealth fund ADQ has <\/strong>submitted <\/strong>a mandatory tender offer for up to 90% of upmarket real estate developer SODIC<\/strong>, they said in a disclosure (pdf)<\/a> to the ADX yesterday. The all-cash offer saw the consortium \u2014 which is 70% owned by Al Dar and 30% owned by ADQ \u2014 up its offer to EGP 20 per share from a previous range<\/a> of EGP 18-19, and values SODIC at EGP 7.1 bn (USD 453 mn). This offer increase represents an 18% premium over the three-month volume-weighted average price of EGP 16.88.<\/p>\n

SODIC\u2019s share price closed up 3.7<\/strong>%<\/strong> during trading yesterday<\/strong>, while Aldar shares fell 0.2%.<\/p>\n

What now? <\/strong>The MTO is awaiting approval by the Financial Regulatory Authority (FRA) which said yesterday (pdf)<\/a> that it is currently studying the offer. If approved, SODIC\u2019s shareholders will have 10-30 working days to respond to the offer. SODIC declined to comment when approached by Enterprise.<\/p>\n

SODIC\u2019s shareholders are weighing their options: <\/strong>\u201cWe\u2019re assessing all the alternatives and all the strategic options and then we\u2019ll decide,\u201d Karim Nehma, managing partner at Act Financial, told us. Act is part of a consortium<\/a> with Hassan Allam Properties and Concrete Plus Engineering and Construction that together is the company\u2019s single largest shareholder, owning a 15% stake. Olayan Saudi Investment holds 14%, while the Abanumay family has 10% and Ripplewood 9%.<\/p>\n

Aldar\u2019s interest in SODIC is a vote of confidence in the Egyptian real estate sector <\/strong>and has erased any doubts investors may have had about the value of the sector, Nehma said. These doubts are why the real estate sector in Egypt has been underperforming and undervalued, he added. Nehma said the company\u2019s stocks, like many in Egypt, are undervalued, which is why Egyptian stocks are now getting attention for acquisitions in multiple sectors.<\/p>\n

This acquisition has been in the works for over six months: <\/strong>Aldar submitted a non-binding offer<\/a> back in March to acquire 51% of Sodic\u2019s shares, the offer initially valued the company at EGP 6.6 bn.<\/p>\n

More acquisitions in the pipeline? <\/strong>The potential SODIC acquisition \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 the disclosure.<\/p>\n

Aldar has been signalling it will make a move into the Egyptian market for a while now: <\/strong>Aldar CEO Talal Al Dhiyabi had in 2019 said the company was eyeing investments<\/a> in Egypt\u2019s real estate market. Aldar\u2019s new operating model announced earlier this year grants its development business \u201ca mandate to expand its operations into the Egyptian market to pursue attractive long-term opportunities<\/sup>, particularly in the development of integrated mixed-use communities,\u201d according to an earlier disclosure.<\/p>\n

The story got significant coverage in the foreign press:<\/strong> Reuters<\/a> | The National<\/a> | Khaleej Times<\/a><\/p>\n

\n

<\/a> In other news on ADQ\u2019s Egypt takeover: <\/strong>The fund\u2019s food subsidiary Agthia has finalized its acquisition<\/a> of 75% of Atyab brand owner Ismailia Agricultural and Industrial Investments and received the shares yesterday, according to a statement (pdf)<\/a> from Matouk Bassiouny & Hennawy (MBH), Agthia\u2019s local counsel in the transaction. The MBH statement did not disclose the final value of the acquisition, which was previously reported as being worth up to EGP 3.2 bn.<\/p>\n

Frozen meat and poultry, and beyond:<\/strong> \u201cThe successful closing of the transaction furthers Agthia\u2019s goal towards becoming the leading FMCG [fast-moving consumer goods] player in the MENA region,\u201d the statement read. The takeover had been pending regulatory approval since April, when it was given the greenlight<\/a> by the company\u2019s board.<\/p>\n

Advisors:<\/strong> Freshfields Bruckhaus Deringer joined MBH as local counsel to Agthia, while EFG Hermes was the company\u2019s financial advisor on the transaction. Adsero-Ragy Soliman & Partners, meanwhile, advised Ismailia, and First Capital Financial Advisory was financial advisor to the Egypt-based target.<\/p>\n

\n

ALSO FROM SODIC- <\/strong> SODIC subsidiary <\/strong>Tabrook<\/strong> Development will develop a <\/strong>280-feddan plot on the <\/strong>North Coast \u2014<\/strong> east of the company\u2019s Caesar development \u2014 under the terms of a partnership agreement signed with Shahin\u2019s Owners Union, SODIC announced in a press<\/a>release<\/a><\/sup>(pdf)<\/a> on Monday. The agreement entitles the landowner to a 15% of the cash generated from projects on the plot along with the EGP 2.7 bn to be paid over 12 years.<\/p>\n

This agreement replaces the company\u2019s <\/strong>revenue sharing agreement<\/a><\/strong> for two adjacent plots with a total land area of 308 feddans on the North Coast, signed in March 2018, under which the landowner receives a 28% share of the project\u2019s revenues from unit sales.<\/p>\n

SODIC acquired <\/strong>Tabrook<\/strong> Development in March 2015<\/strong> in an EGP 191 mn transaction (pdf)<\/a>.<\/p>\n

\n

<\/a> OTHER M&A NEWS - <\/strong> Elsewedy Electric has acquired 99.25% of Egypt-based <\/strong>cablemaker <\/strong>International Cables Company<\/a><\/strong> (ICC) for EGP 410 mn<\/strong>, Al Mal<\/a>reports, citing unnamed sources. The two companies in July signed a sale and purchase agreement<\/a> that was pending regulatory approval. ICC employs some 400 people and produces low-, medium- and high-voltage cables as well as telephone cable at a facility in the Tenth of Ramadan industrial zone.<\/p>\n

More acquisitions in ElSewedy\u2019s pipeline?<\/strong> The company\u2019s M&A director, Ahmed Nabil, previously said<\/a> it was aiming to close three transactions in the second half of the year, and was looking at unidentified technology, electric equipment and cable makers.<\/p>\n

Advisors: <\/strong>Al Ahly Pharos was financial advisor to the selling shareholders. Our friends at Alieldean Weshahi & Partners were counsel to Elsewedy, while Al Kamel Law Firm had sell-side duty.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 30% owned by ADQ \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":557342,"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":[299,1326,3443,152,72,7128,83,312,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-agthia","tag-atyab","tag-elsewedy-electric","tag-enterpriseam","tag-ma-watch","tag-real-estate","tag-sodic","tag-uae","wpautop","entry"],"acf":{"mongo_id":"248e5d41-7c58-42ed-abe9-f67d9ac74995","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/204.jpg","photo_position":"above","related_issue":[557337],"teaser":"","voice_url":""},"yoast_head":"\nAldar, ADQ launch bid for 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\/09\/15\/aldar-adq-launch-bid-for-sodic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aldar, ADQ launch bid for SODIC\" \/>\n<meta property=\"og:description\" content=\"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 30% owned by ADQ \u2014 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-15T04:00:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Aldar, ADQ launch bid for SODIC\",\"datePublished\":\"2021-09-15T04:00:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\"},\"wordCount\":888,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ADQ\",\"Agthia\",\"Atyab\",\"Elsewedy Electric\",\"EnterpriseAM\",\"M&A Watch\",\"real estate\",\"SODIC\",\"UAE\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\",\"name\":\"Aldar, ADQ launch bid for SODIC - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2021-09-15T04:00:47+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aldar, ADQ launch bid for SODIC\"}]},{\"@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 launch bid for SODIC - 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\/09\/15\/aldar-adq-launch-bid-for-sodic\/","og_locale":"en_US","og_type":"article","og_title":"Aldar, ADQ launch bid for SODIC","og_description":"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 30% owned by ADQ \u2014 […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-09-15T04:00:47+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.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":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Aldar, ADQ launch bid for SODIC","datePublished":"2021-09-15T04:00:47+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/"},"wordCount":888,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1","keywords":["ADQ","Agthia","Atyab","Elsewedy Electric","EnterpriseAM","M&A Watch","real estate","SODIC","UAE"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/","url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/","name":"Aldar, ADQ launch bid for SODIC - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1","datePublished":"2021-09-15T04:00:47+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/aldar-adq-launch-bid-for-sodic\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Aldar, ADQ launch bid for SODIC"}]},{"@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\/9\/204.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/204.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\/9\/204.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":553559,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/aldar-adq-are-now-sodics-majority-shareholders\/","url_meta":{"origin":557341,"position":0},"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":606094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/sodic-gets-two-new-board-members\/","url_meta":{"origin":557341,"position":1},"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":553519,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/","url_meta":{"origin":557341,"position":2},"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":557341,"position":3},"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":557341,"position":4},"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 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\/556.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark\/","url_meta":{"origin":557341,"position":5},"title":"SODIC approves Aldar offer despite falling short of fair value report benchmark","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"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,\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557341","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=557341"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557341\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557342"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557341"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557341"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}