Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the mandatory tender offer (MTO) submitted by Zeta Investment to acquire a majority stake in Alexandria National Company for Financial Investment.
The offer includes the acquisition of up to 4.702 million shares, representing 90% of the company, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday.
It is noteworthy to mention that Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%.
Alexandria National Company for Financial Investment suffered net losses of about EGP 310,510 in the January-March period, compared to around EGP 597,500 in the year-ago period.
