Back to the complete issue
Monday, 5 July 2021

These Alexandria bidding wars have us learning auction chants

Compass Capital ups ANFI bid in response to rival offer: Private equity outfit Compass Capital has made a higher offer to acquire 90% of Alexandria National Company for Financial Investments (ANFI), following in the footsteps of a rival bidder, Hong Kong-based Zeta Investments. Compass’ mandatory tender offer for ANFI will offer to snap up shares EGP 6.12 apiece, up from an EGP 5.72, the Financial Regulatory Authority said in a statement (pdf). The new offer values ANFI’s 5.22 mn shares at nearly EGP 32 mn. Compass’ higher bid came after Zeta raised its own per-share price to EGP 6.00 per share from EGP 5.48. Compass and Zeta aren’t the only two bidders eyeing ANFI.

And then there were two? So far, we have not heard from the other bidders who have expressed interest in acquiring ANFI in some, with Compass and Zeta appearing to be the only companies raising their offers. Offers to acquire ANFI had come from Tycoon Holding, which offered to acquire a 90% stake for EGP 5.60 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.

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.