EGX: Emirati Aldar Acquires SODIC for more than EGP 6 Bln

The Egyptian Stock Exchange (EGX) announced the amount of shares responding to the compulsory purchase offer submitted on the shares of Sixth of October Development and Investment Company "SODIC".

The stock exchange said in a statement on Tuesday that the total initial quantities offered in response to the offer by the end of its validity period amounted to 304,628,772 shares with a total value of EGP 6.09 billion. According to the data, the alliance owns about 85.52% of SODIC's shares.

The price of the purchase offer was EGP 20 per share, provided that the execution is carried out on the stock exchange within five working days after the validity period of the offer expires.

The alliance of Aldar Ventures and Gamma Forge has offered to purchase up to 320.57 million shares, with 90% of the issued capital of SODIC, and with a minimum execution of 51% of the issued shares of the company.

During the first nine months of 2021, SODIC achieved a net profit of EGP 346.95 million, compared to EGP 549.45 million, year-on-year.

The company's revenues rose during the period to reach EGP 3.31 billion, compared to EGP 3.58 billion (YoY).

On the level of independent businesses, the company's losses increased to EGP 147.7 million during the first three quarters of 2021, compared to losses amounting to EGP 91.53 million in the comparable period last year.