Abu Dhabi’s Aldar offers to buy majority stake in Egypt’s SODIC real estate company

DUBAI: Abu Dhabi’s Aldar is leading a consortium that is offering to acquire a majority stake in SODIC, one of Egypt’s biggest property names.
The purchase price in the range of 18 to 19 Egyptian pounds per share, valuing the deal at $420 million at the mid-point of that range, Aldar said in a stock exchange filing on Sunday.
The deal is subject to due diligence, applicable regulatory approvals and other conditions, the Abu Dhabi developer said.
The offer represents a 14 percent premium to SODIC’s closing price on Thursday.
UAE property developers are eyeing ways to diversify their income amid a depressed property sector at home.
Headquartered in Cairo and listed on the Egyptian Exchange( EGX), SODIC is one of Egypt’s leading real estate companies with a strong track record in developing high-quality residential, commercial and retail projects.