Article author:
Reuters
CAIRO — Egyptian real estate developer SODIC said on Tuesday that it submitted a proposal to buy up to 100% of the equity capital of Cairo-listed home development Madinet Nasr.
Abu Dhabi's Aldar Properties and ADQ purchased a controlling stake in SODIC at the end of last year under a contract to expand Egypt's real estate business.
This offer came as Egypt tried to attract billions of dollars in investment from the Gulf while suffering from the economic consequences of the Ukrainian war.
Abu Dhabi's state holding company, ADQ, bought about $ 1.85 billion worth of shares in an Egyptian company in April.
SODIC said the non-binding proposal was made at a quote of £ 3.20 to £ 3.40 per share, with MNDH at £ 6.18 billion ($ 328 million) at the midpoint. Evaluate.
SODIC's strategic direction, supported by its controlling shareholders (Aldar and ADQ consortium, which owns 85.5% of the shares since December 2021), has expanded its market share and in Egypt. We will continue to expand our development portfolio, "said SODIC. (Report by Mahmoud Salama, edited by Aidan Lewis and Louise Heavens)
