Beltone to acquire 100% of SODIC’s securitization arm: Real estate developer SODIC’s securitization subsidiary — SODIC for Securitization — is set to offload all of its shares to Beltone Financial Holding after its general assembly approved the decision on Thursday, according to an EGX disclosure (pdf). The transaction will see Beltone acquire SODIC for Securitization’s 5k shares at EGP 1k apiece and making an additional payment of EGP 1 mn — bringing the transaction’s value to EGP 6 mn.

The why: The move will make it easier for Beltone to securitize the portfolios of its growing fleet of non-banking financial services firms. It would also open new business opportunities for Beltone to lead transactions for third parties.Acquiring an already-licensed securitization company is also a quicker route to the market for Beltone, rather than setting up a new firm and applying for a license from the FRA.

Remember: Beltone Financial Holding signed a letter of intent to acquire SODIC for Securitization back in December.

Beltone will help overhaul SODIC’s businesses: SODIC’s general assembly also approved a decision to consult Beltone Holding subsidiary Beltone Investment Banking on a full corporate restructuring plan for some of its subsidiaries for the equivalent of USD 75k in EGP.

Tags: