Abu Dhabi’s Aldar gets extension to close SODIC aquisition

Abu Dhabi's Aldar Properties won Egyptian regulator approval to extend the deadline for its planned acquisition of a majority stake in the Sixth of October Company. (Shutterstock/File Photo)

• UAE property developers are eyeing ways to diversify their income amid a depressed property sector at home

RIYADH: Abu Dhabi's Aldar Properties won Egyptian regulator approval to extend the deadline for its planned acquisition of a majority stake in the Sixth of October Company (SODIC).
The Egyptian Financial Regulatory Authority said in a filing that the developer had submitted a request to extend the deadline, to complete due diligence.
It said that it approved extending the deadline for one month from the date of the expiry of the first deadline (next Monday).
The purchase price is 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 in March.
The acquisition is subject to due diligence, applicable regulatory approvals and other conditions, Aldar said.
UAE property developers are eyeing ways to diversify their income amid a depressed property sector at home.