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Sunday, 25 July 2021

Tycoon isn’t out of the race for ANFI

Tycoon back in the running for ANFI: Tycoon Holding wants to up its bid for Alexandria National Company for Financial Investments (ANFI) to EGP 6.25 from EGP 5.60, the Financial Regulatory Authority said in a statement (pdf) last Sunday. Tycoon’s offer values ANFI at EGP 32.7 mn, and if successful would see the investment company acquire a 90% stake (4.7 mn shares) in the firm.

This would be the highest offer yet for the investment firm, beating out Compass Capital’s EGP 6.12 per share offer, and Zeta investments’ EGP 6.00 bid which was rejected by shareholders earlier this month. Tycoon is targeting a 90% stake in the company

Tycoon had made its offer for 90% of ANFI in June in what has turned into a bidding war that 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.

OTHER M&A NEWS-

Amoun Pharma completed the sale of 99.9% of its shares to Abu Dhabi sovereign fund ADQ in Thursday’s trading session, the company announced to the EGX, according to Al Mal. Shareholders had agreed to sell 271.78 mn of the company's 272.2 mn shares to ADQ subsidiary Ultra Welfare, with ADQ offering EGP 37.8 per share and valuing the company at almost EGP 10.3 bn.

Ashry Steel is in talks to acquire Arco Steel, and is negotiating with a number of Kuwaiti and Saudi investors who could take part in the purchase, Ashry Steel Chairman Ayman El Ashry told Enterprise, denying a report by Al Shorouk that claimed company shareholders had already agreed to sell their stakes. El Ashry said he expects the acquisition to formally move forward in August, but did not reveal the value of the potential purchase.

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