Mubasher TV
Contact Us Advertising   العربية

FRA approves Zeta Investment's MTO for Alexandria National Co. for Financial Investment

FRA approves Zeta Investment's MTO for Alexandria National Co. for Financial Investment
The offer includes the acquisition of up to 4.702 million shares
Abu Dhabi Islamic Bank
ADIB
-5.43% 41.60 -2.39

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

The offer includes the acquisition of up to 4.702 million shares, representing 90% of the company, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday.

It is noteworthy to mention that Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%.

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.