Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) received a request from the UAE’s Aldar Properties to extend the deadline for submitting a mandatory tender offer (MTO) to fully acquire Six of October Development and Investment (SODIC).
The MTO submission deadline has been extended for additional 30 days starting from the original deadline of 14 June in order to complete the due diligence process, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.
In mid-March, Aldar Properties submitted a preliminary non-binding offer to acquire a majority stake in SODIC.
The offer for a minimum of 51% of the outstanding share capital of SODIC has an indicative purchase price in a range of EGP 18 to EGP 19 per share.
In April, the board of directors of SODIC approved the appointment of EFG Hermes and an international investment bank as financial advisors to study the preliminary acquisition offer submitted by an alliance led by Aldar Properties.
During the first quarter (Q1) of 2021, SODIC achieved net profits of EGP 100.46 million, up from EGP 30.006 million in the year-ago period, including minority shareholders’ rights.