SODIC will soon announce an international financial advisor for Aldar acquisition bid

Sixth of October Development and Investment Company (SODIC) will soon announce its selection of the  international investment bank that will act as financial advisor along with EFG Hermes to in  Aldar Properties’ bid to acquire 51 percent of its stakes.

Sodic has already hired EFG Hermes last week to assess to prepare the fair value assessment for the company.

Meanwhile, Aldar has 60 working days from the time it submitted its non-binding offer to either make a mandatory tender offer, to ask for an extension subject to approval from the Financial Regulatory Authority, or to walk away from the transaction.

The UAE’s Aldar Properties is expected to begin due diligence on EGX-listed Sodic “within days” SODIC chief Magued Sherif said.

Aldar had previously submitted a non-binding offer to acquire at least 51% of Sodic’s shares at EGP 18-19 apiece.