Tycoon Holding obtains FRA approval on MTO to acquire Alexandria National

Tycoon offered to purchase ANFI’s share at EGP 6.25

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 20, 2018.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 20, 2018.

REUTERS/Mohamed Abd El Ghany
Egypt - The Financial Regulatory Authority (FRA) approved the Mandatory Tender Offer (MTO) submitted by Tycoon Holding to acquire 90% of Alexandria National Company for Financial Investments, according to a filing to the Egyptian Exchange on July 27th.

Tycoon offered to purchase ANFI’s share at EGP 6.25, totaling EGP 32.7 million.

Alexandria National achieved a net profit of EGP 4.56 million in 2020, versus a net loss of EGP 709,656 in 2019.

Abu Dhabi Islamic Bank owns 9.04% directly and 84.99% indirectly, through Cairo National for Investment and Securities, stake in Alexandria National Company.

Established in 1996 and listed on EGX in 1998, ANFI provides investment banking services including investment advisory on mergers and acquisitions, initial public offering, and underwriting.

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