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Wednesday, 28 July 2021

Tycoon to officially kick off bid for ANFI

Tycoon Holding gets FRA nod to launch MTO for ANFI: Shareholders of Alexandria National Company for Financial Investment (ANFI) will soon be able to sell their shares to Tycoon Holding after the Financial Regulatory Authority yesterday approved (pdf) its mandatory tender offer to acquire 90% of the listed company.

What’s the offer? Tycoon wants to buy a 90% stake (or (4.7 mn shares) of ANFI for EGP 6.25 per share, valuing the company at EGP 32.7 mn.

We’re not sure when exactly subscription will kick off: The FRA said the subscription period would start within two days of the MTO being approved, meaning it will start either in today’s trading session or tomorrow. The MTO will end within 10 working days.

The highest offer so far: Tycoon recently raised its bid from EGP 5.60 per share to EGP 6.25, beating Compass Capital’s EGP 6.12 offer, and Zeta investments’ EGP 6 bid that was rejected by shareholders earlier this month.

Tycoon first entered the bidding race for ANFI last June, joining other bidders including Kayan Sustainable Development, Zaldi Capital, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan

Who’s the seller, again? ADIB wants to exit ANFI, which it considers a non-core business. The Gulf lender owns almost 85% of ANFI, holding 9% directly and the remainder through its KWIN and ADI Lease subsidiaries.

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