Alexandria National’s board oks EGP 7.48/shr acquisition offer

Updated 2/15/2021 3:46:00 PM

ArabFinance: The board of directors of Alexandria National Company for Financial Investment (ANFI) approved an acquisition offer from an alliance led by Ahmed El-Sabea, according to the company’s February 15th statement to the Egyptian Exchange.

Earlier, the company announced receiving an acquisition offer from an alliance, comprising Wise Financial Advisors and the Saudi investor Mostafa Al Hamidan, offered to acquire from 75% to 90% of the company’s shares at EGP 7.48 per share.

The company turned to profit during the first nine months of 2020, achieving a net profit of EGP 5.93 million.

Abu Dhabi Islamic Bank owns 84.99% of direct and indirect stake in Alexandria National Company.