28 Feb 2021

 ANFI (Alexandria National Company for Financial Investments) Acquisition Bidding War

 

The UAE branch of Hong Kong’s Zeta Investment has submitted an offer to acquire 90% of brokerage house Alexandria National Company for Financial Investments’ (ANFI) shares at EGP5.48/share, the Financial Regulatory Authority said in a statement last week. This offer values the company at around EGP25.8mn. The regulator is currently studying the offer.

Zeta had previously offered to purchase the shares at EGP5.51/share according to a disclosure by ADIB, valuing ANFI at more than EGP25.9mn, shareholders El Kahera El Watania Investment (KWIN) and the Abu Dhabi Islamic Bank said earlier this month. And it’s a substantially weaker bid than what others have offered. A group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan, have offered to acquire 75-90% of the company for EGP7.48/share, and were given the green.

light by ANFI to start due diligence last week. The company also received offers of EGP5.30/share from Kayan Sustainable Development, and EGP5.50/share from Zaldi Capital.

ADIB is looking to exit both ANFI and Assiut Islamic Trading, which it considers non-core businesses. The Gulf lender owns almost 85% of ANFI, holding 9% directly and the remainder through its KWIN and ADI Lease subsidiaries. (Source: Enterprise)