{"id":565017,"date":"2021-03-14T13:40:46","date_gmt":"2021-03-14T13:40:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/"},"modified":"2021-03-14T13:40:46","modified_gmt":"2021-03-14T13:40:46","slug":"uaes-aldar-makes-offer-for-majority-stake-in-sodic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/","title":{"rendered":"UAE\u2019s Aldar makes offer for majority stake in Sodic"},"content":{"rendered":"

<\/a> The UAE\u2019s Aldar wants a controlling stake in Sodic:<\/strong> 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<\/a> and here<\/a> -pdfs) this morning. The offer\u2019s midpoint price values the company at EGP 6.6 bn, a 14% premium to Sodic shares\u2019 closing price at the end of last week, reflecting Sodic\u2019s \u201crobust fundamentals and share price performance,'' over the past year, Aldar said. The company has submitted a request to perform due diligence, which will now be referred to the Sodic board for consideration. Aldar said the acquisition, if successful, would be executed through \u201ca consortium controlled and majority owned by Aldar.\u201d<\/p>\n

The offer is \u201ca compelling liquidity event and value proposition for Sodic\u2019s <\/strong>shareholders,\u201d <\/strong>Aldar said in its statement.<\/p>\n

A consortium of Sodic stakeholders led by Act Financial is \u201ccurrently exploring all possible scenarios\u201d <\/strong>in the wake of the offer, Act Financial Managing Partner Moustafa Abdel Aziz told Enterprise. \u201cAll the recent news that we have been seeing in the market confirms Act Financial's vision that consolidation and M&A will be the main driver for growth in all sectors,\u201d said Abdel Aziz. Act Financial, Hassan Allam Properties and Concrete Plus Engineering and Construction collectively hold 14.98%<\/a> of Sodic\u2019s shares, making the consortium Sodic\u2019s largest shareholder.<\/p>\n

Sodic\u2019s shares <\/strong>soared by as much as 7%<\/strong> at market open on the news<\/strong>, tripping EGX circuit breakers<\/a> when the stock broke 5%. Sodic\u2019s shares were up 4.7% at market close, ending the trading day at EGP 17.02 apiece. Reuters<\/a>also has the story.<\/p>\n

Aldar has been signposting a major move in the Egyptian market for a while:<\/strong> Aldar CEO Talal Al Dhiyabi had in 2019 said the company was eyeing investments<\/a> in Egypt\u2019s real estate market \u2014 a point reiterated last month<\/a> by CFO Greg Fewer, who said that Egypt was its priority market for outward expansion<\/strong>. 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, particularly in the development of integrated mixed-use communities,\u201d according to the company\u2019s disclosure.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The offer\u2019s midpoint price values […]<\/p>\n","protected":false},"author":1,"featured_media":565018,"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":[10045],"tags":[215,633,7128,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-aldar-properties","tag-enterprisepm","tag-ma-watch","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"65445c53-bf8c-4144-8e37-6daa4e7031c0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/458.jpg","photo_position":"above","related_issue":[565013],"teaser":"","voice_url":""},"yoast_head":"\nUAE\u2019s Aldar makes offer for majority stake in 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\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Aldar makes offer for majority stake in Sodic\" \/>\n<meta property=\"og:description\" content=\"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. The offer\u2019s midpoint price values […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-14T13:40:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"UAE\u2019s Aldar makes offer for majority stake in Sodic\",\"datePublished\":\"2021-03-14T13:40:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\"},\"wordCount\":383,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Aldar Properties\",\"EnterprisePM\",\"M&A Watch\",\"real estate\",\"SODIC\"],\"articleSection\":[\"SPEED ROUND: M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\",\"name\":\"UAE\u2019s Aldar makes offer for majority stake in Sodic - 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