UAE-based Aldar Properties has made a non-binding initial bid to acquire a stake of not less than 51% of the issued capital of the Sixth of October Development and Investment Company, SODIC, Egypt. / p>
According to Arabiya Net, Sodic said that the offer set the estimated purchase price for the share between 18 and 19 pounds per share, through a compulsory purchase offer on all the company's shares according to Of applicable laws and regulations.
while the last closing price for SODIC stock was at EGP 16.26 on Thursday, making the bid above its maximum limit by 16.8% higher than the stock's previous close.
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SODIC's share rose in Sunday's trading by 5.1%, to reach the level of EGP 17.09.
Sodic said in a statement to the Egyptian Stock Exchange that this potential offer, if it goes ahead, will be submitted through a company or companies with a special purpose established for this purpose by the company. Individually or jointly with a coalition of investors, pointing out that these companies will be the Aldar Company that owns and controls the majority of its capital.
and stated that Aldar stated in its letter that this estimated price is conditional upon the satisfactory completion of a due diligence examination of the company and its subsidiaries, as well as obtaining the internal approval of Aldar and the alliance Investors.
and pointed out that Aldar requested in its letter to allow a comprehensive examination of the ignorance of the company and its subsidiaries, and this request and letter will be presented to the company's board of directors for consideration.
and she said that Aldar required obtaining the internal approvals of the bidder and the investor alliance, and in light of the results of the due diligence examination, the proposer will evaluate the possibility of submitting a compulsory purchase offer for all shareholders. / p>
She added, that submitting the compulsory purchase offer will require obtaining all approvals from the competent supervisory authorities in the Arab Republic of Egypt, including the approval of the Financial Supervisory Authority as well as approvals in the country. United Arab Emirates.
