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Alexandria National Co for Financial Investment gets acquisition offer

Alexandria National Co for Financial Investment gets acquisition offer
ADIB Egypt owns a total direct and indirect stake of 84.99% in the company
Abu Dhabi Islamic Bank
ADIB
-2.62% 45.37 -1.22

Cairo – MubasherAbu Dhabi Islamic Bank – Egypt (ADIB Egypt) announced that a group of investors represented by Ahmed Farouk has offered to acquire the stake of the bank and its subsidiaries in Alexandria National Company for Financial Investment at EGP 5.32 per share.

ADIB Egypt owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%, according to a bourse disclosure on Sunday.

In a separate statement, El Kahera El Watania Investment said it owns 2.14 million shares or 40.96% of Alexandria National Company for Financial Investment.

During the first nine months of 2020, ADIB Egypt logged EGP 844.265 million in net profits, down from EGP 967.03 million in the year-ago period.

Alexandria National Company for Financial Investment reported net profits of EGP 5.93 million in the January-September period, against net losses of about EGP 421,610 in the corresponding period a year earlier.