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Sunday, 14 February 2021

Is ADIB about to sell Assiut Islamic Trading?

A group of investors want to acquire up to 100% of Abu Dhabi Islamic Bank subsidiary Assiut Islamic Trading. The investors — led by Amr Ibrahim Abdel Nasser and Mohamed Ahmed Shalaby — filed a mandatory tender offer for the 76% stake they don’t already own, the Financial Regulatory Authority said in a filing to the EGX (pdf). The investors have offered to buy the 5+ mn shares at EGP 28.5 apiece, valuing the stake at close to EGP 145 mn. Amr Ibrahim Abou El Oyoun Abdel Nasser is a non-executive board member in Assiut Islamic Trading.

What is Assiut Islamic Trading? A commodities and equipment wholesaler that has had a zombie listing on the EGX since 1996. Abu Dhabi Islamic Bank owns 66% of the company, a 40% stake it owns directly and 26% through its subsidiaries including Cairo National Company Investments.

IN OTHER M&A NEWS-

Maridive Oil & Services looks like it’s set to offload subsidiary Maridive Offshore Projects after formally receiving a USD 48 mn offer from Jeddah-based Al Subaie Investment Group to acquire 100% of the company, Maridivde said in a disclosure (pdf) on Thursday. The offer will be up for board approval today, and the company will still seek regulatory approval before closing the sale, the disclosure said. EGX-listed Maridive said last March it had opened talks with its creditors as covid-19 and the ensuing collapse in oil prices took their toll on the business. Al Subaie had expressed interest in Maridive Offshore Projects in June, but no details were announced at the time.

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