Cairo - Mubasher: The Egyptian Exchange (EGX) announced that 4.440 million shares of Alexandria National Company for Financial Investment have been sold in a mandatory tender offer (MTO).

Earlier, Tycoon Holding offered to acquire up to 4.702 million shares or 90% of Alexandria National Company for Financial Investment for EGP 6.25 per share. 

The MTO's period extended from 1 August until the end of the trading session on 15 August. 

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 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.