Egypt’s Financial Supervisory Authority (FSA) has approved Abu Dhabi-headquartered Aldar Properties’ bid to acquire real estate developer SODIC, Zawya reports citing the Emirati Company.
Aldar Properties made the offer to acquire 90 per cent of Al Sheikh Zayed City-based Company two months ago, at a price of EGP20 per share ($1.27).
Based on the submitted offer, Zawya notes, the total value of 320.6 million shares purchased amounts to EGP 6.4 billion. Aldar Properties made the offer as part of plans to diversify revenues amid a depressed property sector at home.
SODIC is one of Egypt’s leading real estate companies with a strong track record in developing high-quality residential, commercial and retail projects.
Egypt greenlights SODIC’s acquisition by Abu Dhabi-based Aldar Properties
