Tycoon Holding has submitted a bid to launch a mandatory tender offer for 90% of brokerage house Alexandria National Company for Financial Investments (ANFI). The move comes shortly after Hong Kong’s Zeta Investments lodged a rival offer eyeing the same stake, the Financial Regulatory Authority said in a statement (pdf). The offer is targeting 4.7 mn shares at EGP 5.60 apiece, valuing 100% of ANFI at a little over EGP 29.2 mn and is higher than Zeta’s bid of EGP 5.48 per share. The FRA is currently reviewing Tycoon’s offer before deciding whether to allow it to proceed.

ANFI is currently at the center of a bidding war and has also garnered interest from Kayan Sustainable Development, Zaldi Capital, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan. Gulf lender ADIB is the seller in the transaction.