Egypt's SODIC considers real estate expansion with MNHD offer

Abu Dhabi's state holding company ADQ bought stakes worth around $1.85 billion in Egyptian companies in April. SODIC said its non-binding offer was made with an indicative purchase price of 3.20-3.40 Egyptian pounds per share, the mid-point of which would value MNDH at 6.18 billion ($328 million) Egyptian pounds.

Egyptian property developer SODIC said on Tuesday it had submitted an offer to buy up to 100% of the share capital of Cairo-listed Madinet Nasr for Housing and Development. Abu Dhabi's Aldar Properties and ADQ bought a controlling stake in SODIC late last year, in a deal that would expand their Egyptian real estate business.

The offer comes as Egypt has sought to attract billions of dollars in investment from the Gulf while it struggles with the financial impact of the war in Ukraine. Abu Dhabi's state holding company ADQ bought stakes worth around $1.85 billion in Egyptian companies in April.

SODIC said its non-binding offer was made with an indicative purchase price of 3.20-3.40 Egyptian pounds per share, the mid-point of which would value MNDH at 6.18 billion ($328 million) Egyptian pounds. "The strategic direction of SODIC, as supported by its Controlling Shareholders (Aldar and ADQ consortium which owns 85.5% of shares since December 2021), is to grow its market share and continue to expand its development portfolio in Egypt," SODIC said.

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