SODIC studies Aldar Properties' acquisition offer

SODIC has hired EFG Hermes and another investment bank as financial advisors to study the offer

  
A car drives past Egyptian developer SODIC headquarters building on the outskirts of Cairo, Egypt November 13, 2016.

A car drives past Egyptian developer SODIC headquarters building on the outskirts of Cairo, Egypt November 13, 2016.

REUTERS/Amr Abdallah Dalsh

ArabFinance: The preliminary offer submitted by a consortium led by Aldar Properties to acquire 51% of Six of October Development and Investment (SODIC)(OCDI) capital is under study, Sodic said in a statement filed to the Egyptian Exchange.

SODIC has hired EFG Hermes and another investment bank as financial advisors to study the offer.

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

The board of directors of SODIC recommended a cash dividend of EGP 0.55 per share for 2020’s earnings.

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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