Abu Dhabi real estate giant Aldar Properties has offered to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC), a company valued at EGP 6.6 billion ($420 million).

The offer will be implemented by a consortium controlled by Aldar, and is expected to acquire a minimum of 51 percent of the outstanding share capital.

The indicative purchase price will be between EGP 18 and EGP 19 per share, Aldar said in a statement to Abu Dhabi Securities Exchange (ADX).

The offer is preliminary and non-binding, the statement added.

Based in Cairo and listed on the Egyptian Exchange (EGX), SODIC develops residential, commercial and retail projects.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

 imogen.lillywhite@refinitiv.com

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