Real estate company Aldar Properties offers to buy majority stake in SODIC

EGYPT – Aldar Properties PJSC, a real estate development, management and investment company, has offered to buy a majority stake in Egypt’s Sixth of October for Development & Investment Co. (SODIC) as it looks to expand into the country. The offer values the Egyptian property developer, Sodic, at about US$420 million. Aldar is seeking a minimum 51% stake in Sodic, with an indicative purchase price of 18-19 Egyptian pounds per share. Aldar, which primarily operates in Abu Dhabi, has been looking to expand abroad as it faces limited growth prospects…

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