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Sunday, 15 August 2021

Is this ANFI bidding war finally over?

Tycoon to acquire at least 85% of ANFI: Abu Dhabi Islamic Bank Egypt (ADIB) has approved Tycoon Holding’s offer to acquire its stake in Alexandria National Company for Financial Investment (ANFI), the Emirati lender said in an EGX statement (pdf) this morning. ADIB Egypt owns almost 85% of the company, holding 9% directly and the remainder through its KWIN and ADI Lease subsidiaries.

Tycoon is trying to acquire a 90% stake in ANFI: The company launched a mandatory tender offer on 1 August for the company, offering to purchase 4.7 mn shares for EGP 6.25 apiece, valuing the company at EGP 32.7 mn. The MTO, which lasted for 10 working days, closed at the end of today’s trading session, according to an earlier statement (pdf). It remains unclear whether other shareholders have accepted the company’s offer.

The ANFI bidding war: Tycoon beat several other companies bidding for the company, raising its initial offer to exceed Compass Capital’s EGP 6.12 bid, and Zeta investments’ EGP 6 offer. Tycoon joined the race in June, along with 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.


GB Auto has completed the sale of its 5% indirect stake in its Netherlands-based subsidiary MNT Investments to unnamed foreign funds in a EGP 352.7 mn transaction, the company said in EGX statements (pdfs —here and here). The sale brings its stake in the company down to 57.26%. MNT is the parent company of asset-based lender Mashroey and microfinance player Tasaheel and is majority-owned by GB Auto’s financial services arm GB Capital.

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