Aldar Properties, the UAE’s biggest listed developer, is looking to buy a majority stake in Egypt’s Sixth of October for Development and Investment Company (Sodic).
The Abu Dhabi-based developer is leading a consortium that submitted a non-binding offer of 18-19 Egyptian pounds per share, valuing Sodic at 6.6 billion Egyptian pounds ($421 million) at its mid-point, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. The offer is a 14 per cent premium on last week's closing price.
“Aldar believes that its offer represents a compelling liquidity event and value proposition for Sodic’s shareholders, reflecting the company’s robust fundamentals and share price performance over the last 12 months,” the developer said.
Cairo-based Sodic is one of Egypt's top real estate companies, booking a record 7.4bn pounds in sales last year as it handed over 1,162 units, it said in January. Its developments include the mixed-use Sodic Westown, Eastown, Kattameya Plaza and Caesar schemes, among others.
Sodic's share price closed 4.7 per cent higher to 17.02 Egyptian pounds on Sunday. Aldar's offer is subject to due diligence and regulatory approvals, the developer said.
“Following a satisfactory outcome of the due diligence process, the Aldar-led consortium intends to make a mandatory tender offer [for the remaining shares].”
Aldar last month reported a 28 per cent increase in its fourth-quarter net profit to Dh729m ($198.5m) as revenue grew 19 per cent to Dh2.53bn.
The developer also revamped its business earlier this year and adopted a new operating model with a parent company overseeing its core development and investment businesses.
Aldar Development, which is responsible for building out the company's 75 million square metre land bank, will have three subsidiaries – Aldar Projects, Aldar Ventures and Aldar Egypt, it said earlier this year.
Aldar’s chief financial officer Greg Fewer said last month that the new Egyptian unit reflects a “statement of intent from our side that Egypt is a particularly interesting market".
“We are spending a lot of time with our network, and there is an abundance of opportunity” for Aldar to develop property in the country, he said during an online media briefing following publication of its annual results.
Aldar's shares were up 1.9 per cent at Dh3.72 per share.
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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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