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Breaking: Consortium of Act Financial, Hassan Allam, Concrete Plus has completely exited from SODIC

According to “Habi” newspaper, the consortium of Act Financial, Hassan Allam Properties, and Concrete Plus Engineering has completely exited from Sixth of October Development and Investment (SODIC).

This is part of the acquisition offer submitted by the alliance of “Aldar Ventures”, a subsidiary of the Emirati Aldar Properties, and Gamma Forge Limited.

The consortium of Act Financial, Hassan Allam, Concrete Plus has more than 17% of the shares of SODIC.

The number of shares that responded to the offer of purchase amounted to about 304 million shares, out of the company’s total shares of 356 million shares.

This means that UAE’s “Aldar Properties” and state-backed company “ADQ” will acquire about 85% of the shares of “SODIC”.

This is only about 5% below the maximum target share, which is 90%.

It is 34% more than the minimum required to complete the transaction, which is 51%.