Egyptians Housing and Development offloads stake in Odin Investment for EGP 75 mn
M&A WATCH- Egyptians Housing and Development offloads stake in Odin Investment for EGP 75 mn: Egyptians Housing and Development has sold its entire 21.28% stake in Odin Investment at EGP 3.38/share in a EGP 74.81 mn transaction, the company said in an EGX filing (pdf). Odin Capital Group, which bought the shares, has now increased its stake in the company to 47.77% from 26.48%, it said in a separate filing (pdf). Sigma Capital Securities brokered the transaction.
A plan for reconstructing both companies: The transaction is designed to restructure the group by separating real estate investment from financial investment, Odin Investments CEO Hashem El Sayed told Enterprise. Odin Capital Group will now control the group’s financial investments while Egyptians Housing and Development will take real estate, he said. Odin Capital and Egyptian Housing are subsidiaries of Odin Investments.