Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) has received a mandatory tender offer (MTO) from Compass Capital to acquire the shares of Alexandria National Company for Financial Investment.

The offer includes the purchase of up to 5.22 million shares or 100% of Alexandria National Company for Financial Investment for EGP 5.72 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

The MTO is still under review by the authority.

Earlier in June, the FRA approved the publication of the MTO submitted by Zeta Investment to acquire a majority stake in Alexandria National Company for Financial Investment.

In addition, Alexandria National Company for Financial Investment received an optional cash acquisition offer from Tycoon Holding. 

Abu Dhabi Islamic Bank - Egypt (ADIB) owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%, while El Kahera El Watania Investment owns 40.96% of the company. 

During the first three months of 2021, Alexandria National Company for Financial Investment suffered net losses of about EGP 310,510, compared to around EGP 597,500 in the year-ago period.