Ripplewood reportedly buys 10% of SODIC.
M2 EQUITYBITES-May 8, 2014-Ripplewood reportedly buys 10% of SODIC
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8 May 2014 - US private equity specialist Ripplewood has purchased a 10% interest in Egyptian real estate development company Sixth of October Development and Investment Company SAE (SODIC) for EGP217.17m (USD30.9m/EUR22.2m), Reuters reported on Thursday, citing an insider.
Egyptian investment bank EFG Hermes said on Wednesday, as qutoed by the news agency, that it had divested a 9.9% holding in SODIC to an undisclosed buyer, reducing its interest in the company to 4.75% .
Ripplewood said on Wednesday that it had bought a 2.3% stake in Palm Hills Developments SAE (LON:PHDC), also an Egyptian property developer, aiming to boost the holding in the company, going forward, Reuters notes.
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