Egypt's Sixth of October Development and Investment Company (SODIC) announced on Monday that country's Financial Supervisory Authority (FSA) has approved Abu Dhabi-headquartered real estate giant Aldar Properties' offer to acquire a majority stake in the company.
SODIC said in a stock exchange statement that the FSA has approved the mandatory tender offer on the part of the Aldar-led consortium at a price of 20 Egyptian pounds ($1.27) per share.
The consortium's offer would be for 90 percent of SODIC's outstanding share capital (up to 631,577,320 shares) as a maximum or 51 percent as a minimum, the statement noted.
The consortium had valued SODIC at 6.6 billion pounds ($420 million), Zawya had reported in March.
On 25 June, Aldar had said in a stock exchange statement that it received FSA approval for an extension of the deadline to present the mandatory tender offer in order to finalise the due diligence process and relevant procedures.
