US private equity acquires stake in Egypt’s SODIC

: Sunday, May 11 - 2014 @ 10:25

Egypt’s EFG Hermes has sold a 10% stake in property developer, Six of October Development and Investment (SODIC), to US private equity firm, Ripplewood, for EGP217.17m ($30.9m), Reuters has reported. The deal was Ripplewood’s second investment in Egypt, after the company said on Wednesday it had acquired a 2.3% stake in Palm Hills, the country’s second-largest listed property developer, and hoped to increase its stake over time.

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Sunday, May 11- 2014 @ 10:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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