Back to the complete issue
Tuesday, 11 August 2020

Act Financial group doubles stake in Sodic to 11.4%

M&A WATCH- Act Financial-led group adds to minority stake in Sodic: A group led by Act Financial that includes Hassan Allam Properties and Concrete Plus Engineering and Construction have increased their collective holdings in upmarket developer Sodic for the second time in recent weeks, according to a regulatory filing (pdf). The group has more than doubled its stake in the company to 11.4%, up from 5%, and could look to add to its position in the future, Al Mal reports, citing an unnamed source.

Who bought what: Act Financial now holds a 4.21% stake (up from 3.2%), Hassan Allam Properties holds 3.90% (from 2.22%), Concrete Plus is at 2.71% (from 1.75%), and Mohamed Hassan Allam now holds 0.53% (up from 0.27%). The average share at which the group bought, the disclosure says, is EGP 12.95. The Act Financial-led group now appears to be Sodic’s second-largest shareholder, behind Saudi Arabia’s Olayan Investment, which holds a 13.84% stake. EFG Hermes executed the transaction on Thursday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.