{"id":324204,"date":"2021-12-15T13:12:41","date_gmt":"2021-12-15T13:12:41","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324204"},"modified":"2021-12-15T13:12:41","modified_gmt":"2021-12-15T13:12:41","slug":"no-intention-to-delist-sodic-from-egx-after-acquisition-managing-director","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/12\/15\/no-intention-to-delist-sodic-from-egx-after-acquisition-managing-director\/","title":{"rendered":"No intention to delist SODIC from EGX after acquisition: Managing Director"},"content":{"rendered":"<p>Magued Sherif, Managing Director of SODIC, said\u00a0 that the UAE consortium of Aldar Properties and ADQ has requested the acquisition of a majority stake in SODIC, stressing that there is no intention to delist the company from the Egyptian Exchange (EGX), and that its name will remain unchanged.<\/p>\n<p>Last week, SODIC announced that the majority of shareholders agreed to sell their shares.<\/p>\n<p>The company said that after the successful closing of the binding offer of purchase, the consortium will acquire 304.628 million shares of SODIC shares at a price of EGP 20 per share, with the company\u2019s valuation of more than EGP 7.1bn, as the value of the deal reached EGP 6.1bn.<\/p>\n<p>Aldar and ADQ acquisition of the majority of the SODIC\u2019s shares will have a major role in supporting the company to continue its investment plan, especially with regard to expansion in several new areas other than the current areas it is working on, according to Sherif.<\/p>\n<p>He further disclosed that the deal reflects the great strength of the Egyptian economy, especially since the consortium has a long-term investment plan and possesses high capabilities that will have a role in providing an added value to Egypt\u2019s real estate market.<\/p>\n<p>He added that so far, work is underway to complete the procedures for completing the deal through the stock exchange process, which is currently taking place, and explained that a meeting will be held with the consortium\u2019s officials in the coming period to agree on features of the plan for the next period.<\/p>\n<p>Sherif concluded: \u201cThe acquisition of the majority stake of SODIC by the UAE consortium is a testimony of confidence in the solidity of the Egyptian economy, and the great opportunities it provides for investment. Over and above, it is the largest foreign investment entering the Egyptian real estate sector, and it will certainly be a strong addition to the Egyptian market, because we are talking about a strong, long-term investor who intends to expand and invest in Egypt.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Magued Sherif, Managing Director of SODIC, said\u00a0 that the UAE consortium of Aldar Properties and ADQ has requested the acquisition of a majority stake in SODIC, stressing that there is no intention to delist the company from the Egyptian Exchange (EGX), and that its name will remain unchanged.<\/p>\n","protected":false},"author":4,"featured_media":321450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,29],"tags":[174],"class_list":["post-324204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-real-estates","tag-sodic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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