Abu Dhabi-listed AD Ports Group said its wholly owned subsidiary Black Caspian has submitted a draft mandatory tender offer (MTO) to Egypt’s Financial Regulatory Authority (FRA) to increase its stake in Alexandria Container & Cargo Handling Company (ALCN). 

Alpha Oryx, which holds the stake on offer, is a portfolio company of ADQ just as is AD Ports. ALCN operates Alexandria and El Dekheila ports, which account for 60% of the Alexandria region’s container capacity.

The MTO is a regulatory step required under Egyptian rules after the group crossed the 33% ownership threshold. ADQ first acquired a 32% stake in 2022, before AD Ports added a further 19.3% last November, taking combined control above 50%.

The revised offer price of EGP 27.47 per share is 19.5% higher than the earlier EGP 22.99 per share proposal made in December 2025 but stands at a 2.4% discount to ALCN’s most recent closing price of EGP 28.15. 

Black Caspian, which currently holds 19.3% of ALCN, is seeking to acquire an additional 32% of the share capital, from Alpha Oryx, alongside a tender for up to 4.3% from minority shareholders.

ALCN’s net profit rose 10% YoY to EGP 1.94 billion in Q1, 2026, supported by an 8% increase in the number of containers handled during the period.

The proposed transaction remains subject to regulatory approvals.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com