Beltone Acquires SODIC’s Securitization Arm

Beltone Financial Holding is set to acquire 100% of SODIC’s securitization subsidiary, SODIC for Securitization, following approval from its general assembly. The transaction involves Beltone acquiring 5,000 shares at EGP 1,000 each, along with an additional payment of EGP 1 million, bringing the total transaction value to EGP 6 million.

This acquisition will enable Beltone to securitize the portfolios of its growing number of non-banking financial services firms more easily. It also opens up new business opportunities for Beltone to lead transactions for third parties. Acquiring an already-licensed securitization company offers Beltone a quicker route to market, bypassing the need to establish a new firm and apply for a license from the FRA.

Beltone had previously signed a letter of intent to acquire SODIC for Securitization in December. In addition to the acquisition, SODIC’s general assembly has approved a decision to consult Beltone Holding subsidiary, Beltone Investment Banking, on a full corporate restructuring plan for some of its subsidiaries, at a cost equivalent to USD 75,000 in EGP.

Mostafa Al Azab, Beltone’s Chief Legal Officer, and Marwa El Khodary, SODIC’s General Counsel, are expected to have significant roles in this transition.