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FRA greenlights MTO for Alexandria National Co for Financial Investment

FRA greenlights MTO for Alexandria National Co for Financial Investment
The company offered to acquire up to 4.7 million shares for EGP 5.48 apiece

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the mandatory tender offer (MTO) submitted by UAE’s Zeta Investment to acquire Alexandria National Company for Financial Investment.

The company offered to acquire up to 4.7 million shares or 90% of the company's capital for EGP 5.48 per share, according to a bourse disclosure on Thursday.

The offer is still under consideration by the company.

During the first nine months of 2020, the company reported net profits of EGP 5.93 million, against net losses of about EGP 421,610 in the corresponding period a year earlier.