Back to the complete issue
Sunday, 28 February 2021

Zeta Investment bids for 90% stake in ANFI

It’s official: Zeta has eyes for ANFI: The UAE branch of Hong Kong’s Zeta Investment has submitted an offer to acquire 90% of brokerage house Alexandria National Company for Financial Investments’ (ANFI) shares at EGP 5.48 per share, the Financial Regulatory Authority said in a statement (pdf) last week. This offer values the company at around EGP 25.8 mn. The regulator is currently studying the offer.

This is down slightly from what we were expecting: Zeta had previously offered to purchase the shares at EGP 5.51 apiece according to a disclosure by ADIB (pdf), valuing ANFI at more than EGP 25.9 mn, shareholders El Kahera El Watania Investment (KWIN) and the Abu Dhabi Islamic Bank said earlier this month.

And it’s a substantially weaker bid than what others have offered: A group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan, have offered to acquire 75-90% of the company for EGP 7.48 per share, and were given the green light by ANFI to start due diligence last week.

Also in the running: The company also received offers of EGP 5.30 per share from Kayan Sustainable Development, and EGP 5.50 per share from Zaldi Capital (pdf).

ADIB heading for the exit: ADIB is looking to exit both ANFI and Assiut Islamic Trading, which it considers non-core businesses. The Gulf lender owns almost 85% of ANFI, holding 9% directly and the remainder through its KWIN and ADI Lease subsidiaries.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.