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Monday, 1 August 2022

Delta Sugar denies it’s the subject of an ADQ takeover bid

ADQ is being linked to everyone right now: Delta Sugar has denied knowledge of a rumored acquisition bid by Abu Dhabi wealth fund ADQ, saying in a disclosure (pdf) to the EGX yesterday that it has not received any offers. A report in the domestic press last week that ADQ is considering making an offer for the EGX-listed company, and quoted sources that claimed it was in talks with Delta’s parent company. In an interview with Amwal Al Ghad yesterday, Delta Chairman Ahmed Abu El Yazid said that the company has not held any talks with ADQ and said the report was untrue.

Obourland issued a similar statement this time last week: The EGX-listed cheesemaker last week denied links with ADQ after press reports claimed that the fund’s food and beverage subsidiary, Agthia Group, was planning to submit a non-binding offer for the company. Agthia earlier this month agreed to purchase 60% of Abu Auf parent company Auf Group for EGP 2.9 bn.

IN OTHER M&A NEWS-

ADIB exits Cairo National Company for Securities: A consortium Solid Capital and Digitize for Investment and Technology has acquired Abu Dhabi Islamic Bank’s 50.88% stake in Cairo National Company for Securities, marking its first entry in the securities sector, Mubasher reported, citing a statement from Solid Capital. Solid Capital will restructure the brokerage firm and hopes to expand its portfolio and increase its market share.

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