A mandatory tender offer by Hong Kong’s Zeta Investments targeting up to 90% of brokerage house ANFI kicks off tomorrow, the EGX said today in a bulletin. Shareholders of the Alexandria National Company for Financial Investments (ANFI), will get an option to sell at EGP 5.48 a share — a price which values the entire companies’ shares at EGP 28.6 mn, by our math. A subscription period for the MTO ends on Monday, 28 June.

Zeta isn’t the only suitor: Tycoon Holding had submitted an offer earlier this month to launch a separate MTO targeting EGP 5.55 a share, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan were also said to be conducting due diligence on the company a few months back, and had been planning a much more attractive offer of EGP 7.48 per share. Offers of EGP 5.30-5.48 per share have also been submitted by Kayan Sustainable Development, and Zaldi Capital.