Aldar-ADQ consortium completes acquisition of majority stake in EGX-listed SODIC
Abu Dhabi based consortium receives 304,628,772 shares valued at EGP 6,092,575,440
Abu Dhabi, UAE – 16 December 2021: A consortium comprising Aldar Properties (“Aldar”) and ADQ today announced the successful completion of its acquisition of approximately 85.52% of the outstanding share capital of The Sixth of October for Development and Investment S.A.E. (“SODIC” or “the Company”) (EGX: OCDI.CA).
On 14 December 2021, a buy order of 304,628,772 shares valued at EGP 6,092,575,440 was executed on behalf of the Abu Dhabi based consortium, which is controlled 70% by Aldar and 30% by ADQ.
The all-cash mandatory tender offer, at a purchase price of EGP 20.0 per share, valued SODIC at EGP 7.1 billion. The offer was accepted by shareholders representing 85.52% of outstanding share capital, resulting in a transaction value of EGP 6.1 billion (USD 386.8 million).
The consortium will now pursue its objective to advance SODIC’s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets.