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Shares in Egypt's SODIC jump 7% after stake offer from Aldar

A car drives past Egyptian developer SODIC headquarters building on the outskirts of Cairo, Egypt, on November 13, 2016. REUTERS/Amr Abdallah Dalsh

CAIRO (Reuters) - Shares in Egyptian real estate company SODIC rose 7% at the market open on Sunday, Refinitiv data showed, following a majority stake offer from Aldar Properties.

The UAE company announced earlier that it submitted an offer for a stake of 51% minimum, with an indicative share price in the range of of 18-19 Egyptian pounds ($1.15-$1.22) per share.

($1 = 15.6200 Egyptian pounds)

Reporting by Ehab Farouk; Writing by Nadine Awadalla, editing by Louise Heavens

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