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ADIB Egypt approves Tycoon's offer to acquire Alexandria National Investment

ADIB Egypt approves Tycoon's offer to acquire Alexandria National Investment
ADIB Egypt owns a direct and indirect stake of 84.99% in Alexandria Financial Investment
Abu Dhabi Islamic Bank
ADIB
-1.75% 14.67 -0.26

Cairo – Mubasher: The board of directors of Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) approved the mandatory tender offer (MTO) submitted by Tycoon Holding for the purchase of 90% of the shares of Alexandria National Company for Financial Investment for EGP 6.25 apiece, according to a bourse disclosure on Sunday. 

ADIB Egypt owns a direct stake of 9.04% in Alexandria National Company for Financial Investment and an indirect stake of 75.95%, totalling 84.99%. 

Earlier, Tycoon Holding requested to raise its bid for the company to EGP 6.25 per share instead of EGP 5.60. 

In the first half (H1) of 2021, ADIB Egypt recorded net profits of EGP 680.15 million, a 28% year-on-year (YoY) increase from EGP 530.57 million, including minority shareholders' rights.