Aldar Properties offers to buy 51% stake in Egypt’s Sodic ...United Arab Emirates

Aldar Properties, the UAE-based developer, has said that it has submitted a preliminary non-binding offer for a majority stake in the Egyptian real estate group, Sixth of October for Development and Investment Company (Sodic). The offer for a minimum of 51% of the outstanding share capital of Sodic is subject to due diligence, applicable regulatory approvals and other conditions, a statement said. It will be implemented by a consortium controlled and majority owned by Aldar, it added. In the wake of a satisfactory outcome of the due diligence process, the Aldar-led consortium intends to make a mandatory tender offer in accordance with applicable laws and regulations, the developer continued,

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