Cairo – Mubasher: Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) announced that its subsidiary Alexandria National Company for Financial Investment has received an optional cash acquisition offer from Tycoon Holding.

Tycoon Holding offered to acquire 90% of Alexandria National Company for Financial Investment’s shares for EGP 5.55 apiece, ADIB Egypt said in a bourse disclosure on Tuesday.

ADIB Egypt owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%.

During the first quarter (Q1) of 2021, ADIB Egypt achieved net profits of EGP 332.22 million, up from EGP 230.35 million in Q1-20.

Alexandria National Company for Financial Investment suffered net losses of about EGP 310,510 in the January-March period, compared to around EGP 597,500 in the year-ago period.