(Month mentioned in the headline and first paragraph corrected from May to June as SODIC has 60 working days to decide on the offer)
 
Egypt's Sixth of October for Development and Investment Company (SODIC) intends to announce its decision on the offer made by Abu Dhabi real estate giant Aldar Properties to acquire a majority stake in the company in June, the company's Managing Director Magued Sherif told Zawya Projects.
 
Last week, Zawya reported that SODIC had appointed financial advisors to help evaluate Aldar's offer to acquire a 51 percent stake in the company.
 
"We were in negotiations with several banks and international financial institutions to manage the offer in cooperation with EFG-Hermes. The name of the investment bank would be announced within a week," he said.
 
The consortium led by Aldar has valued SODIC at 6.6 billion Egyptian pounds ($420 million), Zawya had reported in March.
 
SODIC is targeting a 19 percent year-on-year increase in gross contracted sales to 8.8 billion pounds ($560 million) in 2021, according to its 2020 financial results. The company expects to deliver 1,200 units this year.
 
(1 US Dollar = 15.70 Egyptian Pounds)
 
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
 
(anoop.menon@refinitiv.com)
 
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