Cairo – Mubasher: Tycoon Holding acquired 84.98% of Alexandria National Company for Financial Investment in a deal worth EGP 27.75 million.
The transaction involved the purchase of 4.440 million shares for EGP 6.25 apiece, Tycoon Securities Brokerage said in a statement to the Egyptian Exchange (EGX) Wednesday.
In a separate statement, Cairo National Co. for Securities disclosed that Abu Dhabi Islamic Bank - Egypt (ADIB Egypt) sold its entire direct stake of 9.04% in Alexandria National Company for Financial Investment for EGP 2.9 million.
ADIB Egypt sold 472,340 shares for a value of EGP 6.25 a share.
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.
Prior to the transaction, ADIB Egypt owned 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 owned 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.