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Tycoon Holding requests to raise bid for Alexandria Financial Investment

Tycoon Holding requests to raise bid for Alexandria Financial Investment
The company requested to raise the offered price to EGP 6.25 per share

Cairo - Mubasher: Tycoon Holding has submitted a request to the Egyptian Financial Regulatory Authority (FRA) to amend the mandatory tender offer (MTO) submitted for acquiring up to 4.702 million shares or 90% of Alexandria National Company for Financial Investment.

The company requested to raise the offered price to EGP 6.25 per share instead of EGP 5.60, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

The request is still under review by the FRA.

During the first quarter (Q1) 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.