UAE's Aldar Properties and ADQ said on Tuesday they had submitted a mandatory tender offer to Egypt's Financial Regulatory Authority (FRA) to acquire 90 percent of Egyptian property developer SODIC. The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said Aldar Properties and ADQ in a statement, adding that they are seeking a minimum of 51 percent of SODIC. Aldar accounts for 70 percent of the consortium while ADQ, a state-backed holding firm, makes up the remainder. The mandatory offer to SODIC shareholders "follows a rigorous due diligence process carried out by the consortium." If approved by the FRA, shareholders would have 10 to 30 days to respond, after which Aldar and ADQ would have to complete the purchase within five days, the two companies added. "This proposed acquisition of a majority stake in SODIC is a part of Aldar's overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities." In March, Aldar submitted a preliminary non-binding offer to buy a minimum of 51 percent of the outstanding share capital of SODIC, with an indicative share price in the range of 18-19 Egyptian pounds ($1.15-$1.22) per share.
