Abu Dhabi real estate big Aldar Properties has provided to purchase a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC), a company costing at EGP 6.6 billion ($420 million).
The offer will be executed by a consortium controlled by Aldar and is anticipated to gain a minimum of 51 percent of the outstanding share capital.
The expressive purchase cost will be in between EGP 18 and EGP 19 per share, Aldar provided in a statement to Abu Dhabi Securities Exchange (ADX).
The offer is starter and non-restricting, the proclamation added.
Situated in Cairo and listed on the Egyptian Exchange (EGX), SODIC develops residential, commercial, and retail projects.