Compass Capital wants to raise bid for Alexandria National Company

Compass Capital is requesting to raise its all-shares offer for Alexandria National Company for Financial Investment (ANFI) to 6.12 Egyptian pounds ($0.39) per share from 5.72 pounds, Egypt’s market regulator announced on Sunday.

Egypt’s Financial Regulatory Authority (FRA) added in a statement the request is still under review.

Earlier in June, Compass Capital has mandated corporate law firm, Al Tamimi & Company as legal advisor for the acquisition of ANFI.

On June 20, FRA has received a mandatory tender offer (MTO) from Compass Capital to acquire up to 5.22 million shares or 100 percent of ANFI.

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

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 ANFI and a total direct and indirect stake of 84.99 percent.