{"id":565559,"date":"2021-04-15T13:00:40","date_gmt":"2021-04-15T13:00:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/sodic-taps-efg-hemes-to-advise-on-acquisition-bid\/"},"modified":"2021-04-15T13:00:40","modified_gmt":"2021-04-15T13:00:40","slug":"sodic-taps-efg-hemes-to-advise-on-acquisition-bid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/15\/sodic-taps-efg-hemes-to-advise-on-acquisition-bid\/","title":{"rendered":"Sodic taps EFG Hemes to advise on acquisition bid"},"content":{"rendered":"

<\/a> Sodic appointed EFG Hermes to act as its financial advisor in Aldar Properties\u2019 bid to <\/strong>acquire 51% of the Egyptian real estate giant<\/strong>, according to a regulatory filing (pdf)<\/a>. Sodic appears to have made the hire last week<\/a> to assess the value offered by the Emirati real estate firm. Sodic\u2019s board also approved kicking off the due diligence process from Aldar\u2019s side as well as appointing another independent financial adviser. Aldar had previously submitted a non-binding offer<\/a> to acquire at least 51% of Sodic\u2019s shares at EGP 18-19 apiece. The offer\u2019s midpoint price values the company at EGP 6.6 bn, and was at a 14% premium above Sodic shares\u2019 closing price at the time the bid was made. Sodic shares closed today at EGP 16.00 apiece.<\/p>\n

Sodic\u2019s largest shareholder appears to have an open mind<\/strong> and is exploring all possibilities, it said last month<\/a>. The consortium of Act Financial, Hassan Allam Properties and Concrete Plus Engineering and Construction, holds a 15% stake in Sodic. Olayan Saudi Investment holds 14%, while the Abanumay family has 10% and Ripplewood 9%.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

Five Stars Flour Mills to be sold off for not paying its debts: <\/strong>Flour maker Five Stars Flour Mills is mulling several acquisition offers from GCC players for 100% of the company, Al Mal writes<\/a>, quoting sources close to the matter. The move comes as the company had been struggling to pay off EGP 2 bn in accumulated debt since defaulting on its loans in 2016 after the EGP float.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sodic appointed EFG Hermes to act as its financial advisor in Aldar Properties\u2019 bid to acquire 51% of the Egyptian real estate giant, according to a regulatory filing (pdf). Sodic appears to have made the hire last week to assess the value offered by the Emirati real estate firm. Sodic\u2019s board also approved kicking off […]<\/p>\n","protected":false},"author":1,"featured_media":565560,"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":[543,215,3047,84,633,3046,7128,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-act-financial","tag-aldar-properties","tag-concrete-plus-engineering","tag-efg-hermes","tag-enterprisepm","tag-hassan-allam-properties","tag-ma-watch","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"6b4de3c6-5d4f-4225-aee3-79e9f129e477","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/432.jpg","photo_position":"above","related_issue":[565555],"teaser":"","voice_url":""},"yoast_head":"\nSodic taps EFG Hemes to advise on acquisition bid - 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\/15\/sodic-taps-efg-hemes-to-advise-on-acquisition-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sodic taps EFG Hemes to advise on acquisition bid\" \/>\n<meta property=\"og:description\" content=\"Sodic appointed EFG Hermes to act as its financial advisor in Aldar Properties\u2019 bid to acquire 51% of the Egyptian real estate giant, according to a regulatory filing (pdf). Sodic appears to have made the hire last week to assess the value offered by the Emirati real estate firm. 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Aldar last month submitted a non-binding offer to\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":555793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/","url_meta":{"origin":565559,"position":1},"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":[]},{"id":565893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/sodic-mulls-securitized-bond-sale-as-aldar-continues-dd\/","url_meta":{"origin":565559,"position":2},"title":"Sodic mulls securitized bond sale as Aldar continues DD","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"Sodic is reportedly planning to go to market with an offering of securitized bonds \u201cin the next few weeks,\u201d Al Mal reports, quoting sources it claims are in the know. The upmarket real estate developer is finalizing final regulatory approvals and has already sent a formal request to the Financial\u2026","rel":"","context":"In "SPEED ROUND: REAL ESTATE"","block_context":{"text":"SPEED ROUND: REAL ESTATE","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":565559,"position":3},"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":555864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/sodic-approves-aldar-offer-despite-falling-short-of-fair-value-report-benchmark\/","url_meta":{"origin":565559,"position":4},"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":[]},{"id":561785,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/aldar-to-begin-dd-on-sodic-within-days-magued-sherif\/","url_meta":{"origin":565559,"position":5},"title":"Aldar to begin DD on Sodic \u201cwithin days\u201d -Magued Sherif","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"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\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\/4\/209.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\/565559","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=565559"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565559\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565560"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565559"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565559"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}