Abu Dhabi Islamic Bank Egypt approves takeover bid for Assiut Islamic Trading

The board of Abu Dhabi Islamic Bank Egypt (ADIB Egypt) on Sunday has given a green light to the takeover bid launched by a group of investors for Assiut Islamic Trading.

The group of investors, which is led by Amr Ibrahim Abdel Nasser and Mohamed Ahmed Shalaby, filed earlier this month a mandatory tender offer to acquire a 76 percent stake in Assiut Islamic Trading for 28.5 Egyptian pounds ($1.82) a share.

Amr Ibrahim Abdel Nasser is a non-executive board member in Assiut Islamic Trading.

Assiut Islamic Trading is a commodities and equipment wholesaler that has had a zombie listing on the Egyptian stock exchange (EGX) since 1996.

ADIB Egypt owns 66 percent of Assiut Islamic Trading, a 40 percent stake it owns directly and 26 percent through its subsidiaries including Cairo National Company Investments.