Abu Dhabi-based real estate company Aldar Properties has had its bid for a controlling stake in the Egyptian property developer SODIC approved by regulators.
Aldar Properties said in a statement that Egypt’s Financial Supervisory Authority has given the green light to the deal.
The rubber-stamping comes two months after the Emirati parties submitted their mandatory tender offer to acquire 90 percent of SODIC, at a price of EGP20 per share ($1.27).
Based on the submitted offer, the total value of 320.6 million shares purchased amounts to EGP 6.4 billion.
The validity period of the offer will be between 10 and 30 working days, during which time SODIC will study the feasibility of the purchase.
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, SODIC is one of Egypt’s leading real estate companies with a strong track record in developing high-quality residential, commercial and retail projects.