PROJECTS: Egypt's SODIC appoints financial consultants to study Aldar's offer

A consortium led by the Abu Dhabi developer has offered to buy a majority stake in SODIC

  
SODIC headquarters.

SODIC headquarters.

Sodic/Handout via Thomson Reuters Zawya
Egypt's Six of October for Development and Investment Company (SODIC) said on Thursday that it has appointed local firm EFG-Hermes, and an international investment bank to help evaluate Abu Dhabi-headquartered developer Aldar's offer to acquire a majority stake in the company.
 
Last month, Aldar Properties had made an offer to acquire a 51 percent stake in SODIC, according to a Zawya report. The offer, which valued SODIC at 6.6 billion Egyptian pounds, will be implemented by a consortium controlled by Aldar.
 
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
 
 
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