The Board of Directors of October to Development and Sudic Investment Company approved the appointment of the financial group Hermes and one of the international investment banks as financial consultants to help the company study the initial offer of an investor coalition led by Al-Dar Real Estate Company for a potential cash stock acquisition of at least 51% of SODIC and negotiations And help to find other strategic opportunities.
According to Arab Net, the Board of Directors agreed to allow the Alliance of Investors who are approved by the company to carry out the inspection of anonymity on the company, which is coordinated by financial advisors in the light of the rules common in such transactions.
The Council approved the appointment of the company's financial advisor and the delegation of the managing director of the company to choose and determine his tame.
The Egyptian Sodec had received a speech from Emirati Dar Al Dar (UAE), including an unbalanced prospective presentation for a potential cash acquisition of at least 51% of the source capital shares of Sodec.
SODIC said the speech identified the price of purchasing the estimated arrow between 18 and 19 per share, by showing a compulsory purchase on the entire company in accordance with applicable laws and regulations. While the latest closing of Sodec stocks at 16.26 pounds on Thursday, making the purchase offer for a maximum of 16.8% from the previous closing of the share.
SODIC is one of the most important real estate developers in Egypt and has successful projects, operating in the hotel slide, and an attractive company for foreign investors.
