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.