Ripplewood looks to acquire an additional 10% of SODIC
EXCLUSIVE- Tim Collins’ Ripplewood is looking to acquire another 10% of SODIC. The play was recently disclosed to select shareholders under an arcane rule of Egyptian securities law that required Ripplewood to disclose its plans to MCDR, the central clearinghouse and share depository. Enterprise has reviewed copies of the documentation, which notifies shareholders holding more than 1% of SODIC of Ripplewood’s intention to add substantially to its position.
Ripplewood already holds 9.35% of the leading real estate developer and has representation on the company’s board. The firm is a vehicle of prominent US investor Tim Collins, well-known in Egyptian circles for his previous investment in CIB and a four-year shareholder at SODIC who controls a seat on the company’s board. SODIC’s other lead shareholders include Olayan (12.60%) and the Abanumay family (11.47%), according to SODIC’s IR website. Officials at both SODIC and Ripplewood declined overnight opportunities to comment on the story.