Egypt’s Al Tamimi & Co named legal advisor for Compass Capital-Alexandria National Company deal

Corporate law firm, Al Tamimi & Company announced on Monday that it had been mandated as legal advisor in Compass Capital’s potential acquisition of 100 percent stake of Alexandria National Company for Financial Investment (ANFI).

On June 20, Egypt’s Financial Regulatory Authority (FRA) has received a mandatory tender offer (MTO) from Compass Capital to acquire up to 5.22 million shares or 100 percent of ANFI 5.72 Egyptian pounds ($0.36) per share. FRA said the offer is still under review.

Al Tamimi & Company expects Compass Capital to receive regulatory approval for the offer within the next few days, Ehab Taha, partner and Head of Corporate Commercial Department at Al Tamimi, told Amwal Al Ghad.

Earlier in June, the FRA approved an MTO submitted by Zeta Investment to acquire a majority stake in ANFI.

Also in June, the FRA said it was reviewing Tycoon Holding Investment’s binding offer to acquire 90 percent of ANFI’s stock, or 4.7 million shares.

Earlier in February, ANFI received an acquisition offer from an alliance led by Ahmed El-Sabea, the Chairman of Wise Financial Advisors. The alliance, comprised of Wise Financial Advisors and the Saudi investor Mostafa Al Hamidan, offered to acquire from 75 percent to 90 percent of the company’s shares at 7.48 pounds per share.

Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) owns a direct stake of 9.04 percent in Alexandria National Company and a total direct and indirect stake of 84.99 percent.