SODIC to acquire all shares of Nasr City for housing

SODIC, the Egyptian property development, on Tuesday made a non-binding purchase offer to acquire a majority of up to 100 percent of Nasr City Housing and Construction Company’s shares.

In a statement sent to the Egyptian Stock Exchange, the company explained today that the offer is at an indicative price of between EGP 3.2 and EGP 3.4 per share by submitting a compulsory purchase offer in compliance with the provisions of 12th section of the executive regulation of the capital market law no. 95 of 1992 and its amendments.

SODIC added that it will initiate the procedures for financial, legal, tax, technical and other due diligence at the earliest date. SODIC also noted that the previous price is indicative until the completion of the due diligence with the necessary procedures and obtaining the relevant approvals from the authorities in Egypt.

In the end of the statement on Tuesday, SODIC had submitted the non-binding offer to Nasr City Housing and Construction Company, notifying the State Financial Supervisory Authority. SODIC has already reported its combined financial results for the first quarter of the current fiscal year.

SODIC also reported to have achieved 3.7 billion pounds of 573 units sold during the quarter in the company’s projects. This is a new record of contracted sales compared to the same period in any previous year in terms of the number or value of the sold units. Total contracted sales during the first quarter of the year achieved an annual growth of 102%, supported by the strong performance recorded by the company in the last quarter of 2021.