{"id":562862,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/"},"modified":"2021-06-09T04:00:10","modified_gmt":"2021-06-09T04:00:10","slug":"aldar-has-more-time-to-bid-for-sodic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/","title":{"rendered":"Aldar has more time to bid for SODIC"},"content":{"rendered":"<p><strong> Aldar Properties has until 14 July to submit a mandatory tender offer for at least <\/strong><strong>51% of upmarket real estate developer SODIC <\/strong>after the Financial Regulatory Authority agreed to extend the deadline by 30 working days following a request by the Emirati real estate firm, the regulator said in <a href=\"https:\/\/ent.news\/2021\/6\/SODIC-Aldar-statement.pdf\">a statement (pdf)<\/a> to the EGX yesterday. The decision will give Aldar more time to complete its due diligence, which the company said it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09c7d28b-c599-4f89-ac9c-3c606c96d9f6\">halfway done with<\/a> in May. The initial 60-day period was set to expire on 14 June.<\/p>\n<p><strong>The story so far:<\/strong> Aldar submitted in March a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65445c53-bf8c-4144-8e37-6daa4e7031c0\">non-binding offer<\/a> for a controlling stake at EGP 18-19 apiece, valuing the company at EGP 6.41-6.76 bn. Sodic\u2019s board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4de3c6-5d4f-4225-aee3-79e9f129e477\">later agreed<\/a> to allow the firm to start due diligence.<\/p>\n<p><strong>Advisors: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4de3c6-5d4f-4225-aee3-79e9f129e477\">EFG Hermes<\/a> and an undisclosed international investment bank have the mandate to advise SODIC, while <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a44e789-f9c8-4c3f-a9f5-66c03de35797\">CI Capital<\/a> is acting as the investment bank to the buyer.<\/p>\n<p><strong>Are you providing financial or legal advice on the transaction?<\/strong> Let us know at editorial@enterprise.press.<\/p>\n<p><em>Correction: 14 July 2021. A previous version of this story incorrectly stated that the FRA extended the MTO deadline by one month.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aldar Properties has until 14 July to submit a mandatory tender offer for at least 51% of upmarket real estate developer SODIC after the Financial Regulatory Authority agreed to extend the deadline by 30 working days following a request by the Emirati real estate firm, the regulator said in a statement (pdf) to the EGX [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":562863,"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":[215,72,7128,83,312,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-real-estate","tag-sodic","tag-uae","wpautop","entry"],"acf":{"mongo_id":"6c2267db-c8f5-4c21-955e-1144c07c7fc5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/124.jpg","photo_position":"above","related_issue":[562858],"teaser":"","voice_url":""},"yoast_head":"<!-- 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(pdf) to the EGX [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-09T04:00:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/124.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" 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Aldar last month submitted a non-binding offer to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565017,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/","url_meta":{"origin":562862,"position":4},"title":"UAE\u2019s Aldar makes offer for majority stake in Sodic","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"The UAE\u2019s Aldar wants a controlling stake in Sodic: Emirati real estate firm Aldar Properties has submitted a non-binding offer to acquire at least 51% of real estate giant Sodic\u2019s shares for EGP 18-19 per share, the two companies said in separate bourse disclosures (here and here -pdfs) this morning.\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.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":562862,"position":5},"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 &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\/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\/562862","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=562862"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562862\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562863"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562862"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562862"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}