Sixth of October for Development and Investment Company "SODIC" (S.A.E.) entered into a preliminary non-binding offer to acquire Orascom for Real Estate S.A.E. from Orascom Development Egypt (S.A.E) for EGP 2.5 billion.

Sixth of October for Development and Investment Company "SODIC" (S.A.E.) (CASE:OCDI) entered into a preliminary non-binding offer to acquire Orascom for Real Estate S.A.E. from Orascom Development Egypt (S.A.E) (CASE:ORHD) for EGP 2.5 billion on October 24, 2022. The transaction is subjected to fulfillment of several conditions including completion of due diligence, Orascom Development Egypt (S.A.E) corporate approvals and all regulatory approvals. Orascom Development Egypt board has granted SODIC exclusivity to commence the due diligence process and engaged management to initiate negotiations for the transaction.

EFG-Hermes Holding S.A.E (CASE:HRHO) acted as financial advisor to Orascom for Real Estate S.A.E.