#UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters

UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters

The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority (FRA) to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA), they said on Tuesday.

The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said the companies, which are seeking a minimum of 51% of SODIC.

Aldar accounts for 70% of the consortium while ADQ, a state-backed holding company, makes up the remainder.

If approved by the FRA, shareholders would have 10 to 30 days to respond, after which Aldar and ADQ would have to complete the purchase within five days, the two companies said in a statement to the media.

SODIC's shares opened at 17.97 Egyptian pounds on Tuesday, before the tender was announced.