Egypt's FRA extends Aldar Properties’ offer deadline for SODIC acquisition

The extended deadline date to August 2

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany
 

Egyppt - The Financial Regulatory Authority (FRA) extended the deadline of receiving the mandatory tender offer (MTO) from the UAE’s Aldar Properties for full acquisition of the Sixth of October Development and Investment Company (SODIC), according to a statementby the FRA.

The extended deadline date to August 2nd. The authority approved to extend the deadline by a month following a request by the Emirati real estate firm.

The decision will give Aldar more time to complete its due diligence.

In March, Aldar submitted a non-binding offer for a controlling stake at EGP 18-19 apiece, valuing the company at EGP 6.41-6.76 billion.

The real estate developer achieved a consolidated net profit of EGP 819.65 million in 2020.

Established in 1996 and listed on EGX in 1998, SODIC operates within the real estate sector, focusing on development projects and operations.

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