Egypt’s Financial Regulatory Authority (FRA) has announced that it has received a letter from Aldar Properties requesting the extension of the deadline to submit a compulsory purchase offer.
The offer is being made on all shares of the Sixth of October Development and Investment Company (SODIC).
In a statement to the Egyptian Exchange (EGX), the FRA said that it decided to extend the deadline for an additional 30 working days.
The extension will start from the date of the expiry of the original deadline, on 2 August, and will allow for the due diligence examination to be completed.
It indicated that this decision is in accordance with the provisions of Chapter 12 of the Executive Regulations under the Capital Market Law 95/1992.
On 13 March, SODIC announced that it had received a non-binding initial offer from Aldar Properties to acquire, alone or in alliance with investors, a stake of no less than 51% of its shares by submitting a compulsory purchase offer.
The acquisition will be proposed at an initial price ranging between EGP 18 and EGP 19 per share, provided that due diligence is completed for SODIC and its subsidiaries. This is in addition to the internal approval of Aldar Properties and the investor alliance being obtained.