A consortium comprising Abu Dhabi’s Aldar Properties and ADQ, one of the region’s largest holding companies, submitted an all-cash mandatory tender offer to buy up to 90 per cent of the share capital of Egypt’s Sixth of October for Development and Investment Company.
The partnership is offering a purchase price of 20 Egyptian pounds per share, valuing the company at 7.1 billion pounds ($453m), Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares trade.
This represents a premium of 18 per cent over the three-month volume-weighted average price of 16.88 pounds and a premium of 21 per cent over the six-month VWAP of 16.50 pounds.
“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,” the Abu Dhabi developer said.
With its headquarters in Cairo and listed on the Egyptian Exchange, Sodic is one of Egypt’s top real estate companies with a number of residential, commercial and retail projects.
The offer to Sodic shareholders follows a rigorous due diligence process carried out by the consortium, which is 70 per cent owned by Aldar and 30 per cent by ADQ.
The final price “represents a compelling liquidity event and value proposition for Sodic’s shareholders, reflecting the company’s robust fundamentals and brand equity”, Aldar said. The offer is subject to approval by Egypt's Financial Regulatory Authority.
Aldar Properties, which is behind mega projects such as the Formula One race circuit on Yas Island, reported a 7.6 per cent jump in second-quarter profit, thanks to higher revenue and rental income as the UAE’s property market continues to recover from the coronavirus pandemic.
Net profit attributable to owners of the company for the three-month period to the end of June climbed to Dh520m ($142m) while revenue and rental income rose more than 9 per cent annually to about Dh2.2bn.
Aldar also revamped its business and adopted a new operating model with a parent company overseeing its core development and investment businesses.
Aldar Development, which is responsible for building out the company's 75 million square metre land bank, will have three subsidiaries – Aldar Projects, Aldar Ventures and Aldar Egypt, it said earlier this year.
Sodic booked a record 7.4bn pounds in sales last year as it handed over 1,162 units, it said in January. The company's developments include the mixed-use Sodic Westown, Eastown, Kattameya Plaza and Caesar schemes, among others.
Set up in 2018, ADQ has a portfolio of companies in important sectors of Abu Dhabi’s non-oil economy such as tourism and hospitality, aviation, transport, logistics, industrial, property, media, health care, agri-foods and financial services.
Its portfolio includes the Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, healthcare provider Seha, insurer Daman, Abu Dhabi National Exhibitions Company and media companies Abu Dhabi Media and twofour54.
Earlier this year, ADQ bought Egypt’s Amoun Pharmaceutical Company from Canada's Bausch Health for $470m to build its healthcare portfolio. It is also investing up to $1bn in Abu Dhabi-based retail chain Lulu International Holdings to help the company expand its operations in Egypt.
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4,872 matches
1,942 teams
116 pitches
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The biog
Name: Abeer Al Bah
Born: 1972
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Read more from Aya Iskandarani
UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
