DUBAI: Abu Dhabi’s Aldar is leading a consortium that is offering to acquire a majority stake in SODIC, one of Egypt’s biggest property names.
The purchase price in the range of 18 to 19 Egyptian pounds per share, valuing the deal at $420 million at the mid-point of that range, Aldar said in a stock exchange filing on Sunday.
The deal is subject to due diligence, applicable regulatory approvals and other conditions, the Abu Dhabi developer said.
The offer represents a 14 percent premium to SODIC’s closing price on Thursday.
UAE property developers are eyeing ways to diversify their income amid a depressed property sector at home.
Headquartered in Cairo and listed on the Egyptian Exchange( EGX), SODIC is one of Egypt’s leading real estate companies with a strong track record in developing high-quality residential, commercial and retail projects.
Abu Dhabi’s Aldar offers to buy majority stake in Egypt’s SODIC real estate company
https://arab.news/gascu
Abu Dhabi’s Aldar offers to buy majority stake in Egypt’s SODIC real estate company
- The purchase price in the range of 18 to 19 Egyptian pounds per share
- UAE property developers are eyeing ways to diversify their income amid a depressed property sector at home
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
