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Tuesday, 16 February 2021

Brokerage ANFI looks like it’s picked a suitor in bidding war

ANFI agrees to DD on acquisition bid: Brokerage house Alexandria National Company for Financial Investments’ (ANFI) board said it will allow a group of investors to start due diligence as part of their bid to acquire 75-90% of the company, ANFI in a regulatory filing (pdf) yesterday. The would-be acquirers include Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan and have offered EGP 7.48 per share. Selling shareholders including Abu Dhabi Islamic Bank (ADIB) and El Kahera El Watania Investment also fielded offers of EGP 5.30-5.51 per share from Zeta Investments, Kayan Sustainable Development, and Zaldi Capital (pdf).

By our math, that sets a floor price for the transaction at c. EGP 29 mn if ANFI’s shareholders agree to sell 75% of the company’s shares at EGP 7.48.

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