Aldar Properties PJSC (ADX:ALDAR) is looking to buy a majority stake in Sixth of October for Development and Investment Company "SODIC" (S.A.E.) (CASE:OCDI). The Abu Dhabi-based developer is leading a consortium that submitted a non-binding offer of EGP 18-19 per share, valuing Sodic at EGP 6.6 billion ($420 million) at its mid-point, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. The offer is a 14% premium on previous week's closing price.

“Aldar believes that its offer represents a compelling liquidity event and value proposition for Sodic's shareholders, reflecting the company's robust fundamentals and share price performance over the last 12 months,” the developer said. Aldar's offer is subject to due diligence and regulatory approvals, the developer said.