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US private equity acquires stake in Egypt’s SODIC

May 11, 2014 10:25 am

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.