Zeta Investment submits offer to acquire 90% of Alexandria National

The regulator is currently studying the offer

Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Zeta Investment, an Emirati company, submitted a request to the Egyptian Financial Regulatory Authority (FRA) to acquire a 90% stake in Alexandria National Company for Financial Investment (ANFI) at EGP 5.48 per share, according to a recent statement.

The regulator is currently studying the offer.

On February 2nd, Alexandria National announced receiving an acquisition offer from the UAE branch of Hong Kong’s Zeta Investment at EGP 5.50 per share.

In December 2020, Alexandria National Company has received a purchasing offer from a group of investors represented by Ahmed Farouk to acquire 84.99% of the company's capital.

Earlier, Kayan offered to purchase up to 90% of Alexandria National’s shares at a value of EGP 5.3 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.

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