{"id":561785,"date":"2021-04-21T03:43:04","date_gmt":"2021-04-21T03:43:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/aldar-to-begin-dd-on-sodic-within-days-magued-sherif\/"},"modified":"2021-04-21T03:43:04","modified_gmt":"2021-04-21T03:43:04","slug":"aldar-to-begin-dd-on-sodic-within-days-magued-sherif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/aldar-to-begin-dd-on-sodic-within-days-magued-sherif\/","title":{"rendered":"Aldar to begin DD on Sodic \u201cwithin days\u201d -Magued Sherif"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>The UAE\u2019s Aldar Properties is expected to begin due diligence on <\/strong><strong>EGX-listed <\/strong><strong>Sodic \u201cwithin days\u201d<\/strong> as it seeks a majority stake in the upmarket real estate developer, SODIC chief Magued Sherif said in an interview with Al Arabiya (<a href=\"https:\/\/www.alarabiya.net\/aswaq\/companies\/2021\/04\/20\/%D8%B3%D9%88%D8%AF%D9%8A%D9%83-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A8%D8%AF%D8%A1-%D8%A7%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D9%81%D8%AD%D8%B5-%D8%A8%D8%B5%D9%81%D9%82%D8%A9-%D8%A7%D9%84%D8%AF%D8%A7%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D9%8A%D8%A7%D9%85\">watch,<\/a><a href=\"https:\/\/www.alarabiya.net\/aswaq\/companies\/2021\/04\/20\/%D8%B3%D9%88%D8%AF%D9%8A%D9%83-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A8%D8%AF%D8%A1-%D8%A7%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D9%81%D8%AD%D8%B5-%D8%A8%D8%B5%D9%81%D9%82%D8%A9-%D8%A7%D9%84%D8%AF%D8%A7%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D9%8A%D8%A7%D9%85\">runtime<\/a><a href=\"https:\/\/www.alarabiya.net\/aswaq\/companies\/2021\/04\/20\/%D8%B3%D9%88%D8%AF%D9%8A%D9%83-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A8%D8%AF%D8%A1-%D8%A7%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D9%81%D8%AD%D8%B5-%D8%A8%D8%B5%D9%81%D9%82%D8%A9-%D8%A7%D9%84%D8%AF%D8%A7%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D9%8A%D8%A7%D9%85\">: 9:45<\/a>). Sodic has already begun providing \u201cthe necessary data\u201d for Aldar to begin the process, Sherif said.<\/p>\n<p><strong>What\u2019s next?<\/strong> SODIC will tap an independent financial advisor to prepare the fair value assessment for the company, which will also require input from the company\u2019s board of directors. Meanwhile, Aldar has 60 working days from the time it submitted its non-binding offer to either make a mandatory tender offer, to ask for an extension subject to approval from the Financial Regulatory Authority, or to walk away from the transaction.<\/p>\n<p><strong>Background:<\/strong> Aldar <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65445c53-bf8c-4144-8e37-6daa4e7031c0\">submitted in March a non-binding offer<\/a> to acquire at least 51% of SODIC\u2019s shares at EGP 18-19 apiece, valuing the company at EGP 6.6 bn at the mid-point of that range. Sodic\u2019s shares closed yesterday at EGP 16.02 apiece. SODIC\u2019s board said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4de3c6-5d4f-4225-aee3-79e9f129e477\">last Thursday<\/a> that it would allow due diligence to go ahead and will appoint EFG Hermes to advise the company on the bid.<\/p>\n<p><strong>Advisors:<\/strong> Sodic has selected EFG Hermes as its domestic financial advisor. It will also appoint an international investment bank. Al Mal\u2019s print edition this morning suggests that Bulge Bracket stalwart Goldman Sachs will get the nod. Our friends at SODIC denied the report this morning and tell us that they will make an announcement on their choice of international advisors once an appointment has been made. They have selected an investment bank and are finalizing the letter of engagement.<\/p>\n<p><em><strong>CORRECTION + UPDATE: <\/strong>An earlier version of this story said SODIC shareholders would have 60 working days to decide on Aldar's offer. That was incorrect: Aldar has 60 days from its expression of interest last month to make an MTO, ask for an extension, or walk away. We have also updated the story with comment from Sodic confirming that they have not yet appointed an international investment bank.\u00a0<\/em><\/p>\n<p><strong>OTHER M&A NEWS-<\/strong><\/p>\n<p><strong>GB Auto subsidiary GB Capital <\/strong><strong>is mulling the sell-down <\/strong><strong>of part of its stake in financial <\/strong><strong>leasing <\/strong><strong>player GB Lease<\/strong>, according to <a href=\"https:\/\/ent.news\/2021\/4\/261665_1.pdf\">a regulatory filing (pdf)<\/a>. Arqaam Capital has been appointed as financial advisor to GB Capital on the sale. The statement did not specify the number of shares GB Capital is selling from its stake in GB Lease, but said Arqaam Capital was appointed to study the strategic options available for GB Capital that would \u201cmaximize GB Auto\u2019s return on investments.\u201d The announcement comes after GB Auto had confirmed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55bf70dd-17f8-4034-a441-b6a35be1779a\">last week<\/a> that one of its subsidiaries is selling a 5% stake in Netherlands-based MNT Investments \u2014 which is majority-owned by GB Capital \u2014 in a sale that will bring GB Auto\u2019s stake in MNT Investments down to 57.26%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UAE\u2019s Aldar Properties is expected to begin due diligence on EGX-listed Sodic \u201cwithin days\u201d as it seeks a majority stake in the upmarket real estate developer, SODIC chief Magued Sherif said in an interview with Al Arabiya (watch,runtime: 9:45). Sodic has already begun providing \u201cthe necessary data\u201d for Aldar to begin the process, Sherif [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561786,"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":[215,1258,72,241,2471,243,7128,502,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aldar-properties","tag-arqaam-capital","tag-enterpriseam","tag-gb-auto","tag-gb-capital","tag-gb-lease","tag-ma-watch","tag-magued-sherif","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"607f07dc-39e5-41e8-92e6-e07275e4c2e7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/209.jpg","photo_position":"above","related_issue":[561781],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aldar to begin DD on Sodic \u201cwithin days\u201d -Magued Sherif - 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\/04\/21\/aldar-to-begin-dd-on-sodic-within-days-magued-sherif\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aldar to begin DD on Sodic \u201cwithin days\u201d -Magued Sherif\" \/>\n<meta property=\"og:description\" content=\"The UAE\u2019s Aldar Properties is expected to begin due diligence on EGX-listed Sodic \u201cwithin days\u201d as it seeks a majority stake in the upmarket real estate developer, SODIC chief Magued Sherif said in an interview with Al Arabiya (watch,runtime: 9:45). 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The consortium acquired last week 85.5%\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":542864,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/","url_meta":{"origin":561785,"position":1},"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 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