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Sunday, 20 June 2021

Compass Capital makes MTO on ANFI

Private equity firm Compass Capital has submitted a mandatory tender offer to acquire up to 100% of Alexandria National Company for Financial Investments (ANFI) for EGP 5.72 per share, according to a statement (pdf) by the Financial Regulatory Authority (FRA), making official reports we’ve been seeing in the local press last week. The offer values ANFI at EGP 29.9 mn. This comes shortly after Compass was said to be eyeing 90% of ANFI.

Who else is bidding? Compass is competing with a number of bidders to acquire ANFI, with the latest offer coming from Tycoon Holding, which wants to acquire a 90% stake for EGP 5.60 per share. Hong Kong’s Zeta Investments also launched last week an MTO for 90% of ANFI at EGP 5.48 per share. Then there’s Kayan Sustainable Development, Zaldi Capital, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan, who all expressed an interest in buying a stake in the company. Gulf lender Abu Dhabi Islamic Bank (ADIB) is the seller.

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