Cairo – Mubasher: The Egyptian Exchange (EGX) announced the execution of a mandatory tender offer (MTO) on the shares of Alexandria National Company for Financial Investment.
A total of 4.440 million shares were sold for a total value of EGP 27.75 million, the EGX said in a statement on Tuesday.
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.
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.
