Aldar Properties, the biggest developer in Abu Dhabi, has received regulatory approval to bid with ADQ for a controlling stake in Egypt’s Sixth of October for Development and Investment Company (Sodic).
The consortium of Aldar and ADQ, one of the region’s biggest holding companies, is seeking to buy up to 90 per cent – and a minimum of 51 per cent – of the Egyptian developer's share capital through a mandatory tender offer.
The approval from Egypt’s Financial Regulatory Authority on Monday has initiated a “validity period” that gives Sodic shareholders 10 working days from Wednesday to respond to the all-cash mandatory offer, Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The consortium – in which Aldar and ADQ hold 70 per cent and 30 per cent, respectively – is offering a purchase price of 20 Egyptian pounds ($1.27) a share, valuing Sodic at 7.1 billion pounds. This represents a premium of 15 per cent over Sodic’s six-month volume-weighted average price of 17.40 pounds a share.
“The consortium believes that its final offer of 20 pounds per share represents a compelling liquidity event and value proposition for Sodic’s shareholders, reflecting the company’s robust fundamentals and brand equity,” Aldar said.
The acquisition of a majority stake in Sodic is part of Aldar’s overall expansion strategy, as it would have access to the “attractive Egyptian real estate market” where Aldar is assessing several opportunities, the Abu Dhabi developer said in September when it announced its offer.
Sodic, which has its headquarters in Cairo and is listed on the Egyptian Exchange, is one of Egypt’s leading property companies, with a number of residential, commercial and retail projects.
Aldar Properties, the developer behind Abu Dhabi's Formula One circuit and other big developments in the emirate, is looking to expand its footprint and asset portfolio.
The developer is also "actively" seeking acquisition opportunities in the UAE and is interested in expanding to other regional markets, including Saudi Arabia.
It is seeking an “attractive and value-accretive acquisition”, chief finance and sustainability officer Greg Fewer said earlier this month.
The company believes there are consolidation opportunities in the UAE, particularly in Abu Dhabi's property market, across the retail, commercial, office, residential, education, warehouse and logistics segments, Mr Fewer said.
"Those are the sectors where we see very interesting acquisitions both in Abu Dhabi and the UAE," he said at the time.
"Historically, we have shown a strong ability to make large transformational acquisitions and that has added a lot of value to our shareholders."
Aldar had Dh6.8bn ($1.85bn) in cash on its balance sheet at the end of September, which it intends to use to fund deals, he said.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
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MATCH INFO
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Who: Real Madrid v Liverpool
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When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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