Egypt’s regulator reviewing a new Alexandria National Company buyout offer

Egypt’s market regulator is reviewing Tycoon Holding Investment’s binding offer to acquire Alexandria National Company for Financial Investment.

Tycoon is seeking to acquire 90 percent of Alexandria National Company’s stock, or 4.7 million shares, the Egyptian Financial Regulatory Authority (FRA) said in a bourse filling on Wednesday.

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.

Earlier in February, UAE’s Zeta Investment submitted a binding takeover offer to the FRA to acquire 90 percent stake in Alexandria National Company for 5.48 Egyptian pounds ($0.35) per share.