Aldar Offers to Buy Stake in Egypt’s Sodic; Shares Climb
- Aldar seeks 51% stake; deal values Sodic at $420 million
- Deal offers Aldar growth in Arab world’s most populous country
A graphic illustration of the SODIC East housing project, Cairo.
Source: SODIC
This article is for subscribers only.
Aldar Properties PJSC offered to buy a majority stake in Egypt’s Sixth of October for Development & Investment Co. as it looks to expand into Arab world’s most populous country.
The offer values the Egyptian property developer, known as Sodic, at about $420 million. Aldar is seeking a minimum 51% stake in Sodic, with an indicative purchase price of 18-19 Egyptian pounds per share.