Egypt’s Compass Capital tops competitors in ANFI acquisition at EGP 6.12 per share

Daily News Egypt
2 Min Read

Compass Capital for Financial Investments has requested to acquire 100% of the Alexandria National Financial Investments Company’s (ANFI) shares at EGP 6.12 per share.

The company submitted the request to Egypt’s Financial Regulatory Authority (FRA), and has now put forward an offer price that is approximately 40 piasters higher than its previous offer.

Among stiff competition, it has now topped the list of competitors to acquire ANFI, a subsidiary of Abu Dhabi Islamic Bank (ADIB), having made the seventh offer in the acquisition process.

Compass Capital submitted an official purchase offer to the FRA on 20 June, with an average price of EGP 5.72 per share.

On 21 June, FRA received a request from Zeta Investment Company Limited (UAE) to raise its offer price by approximately 52 piasters, from EGP 5.48 to EGP 6 per share.

On 9 June, FRA had agreed to publish the acquisition offer of the UAE’s Zeta Investment Company, at an average price of EGP 5.48 per share. The company published the details of the purchase offer in Al Mal and Al Borsa newspapers on 14 June.

ADIB owns 84.99% of ANFI’s shares, with 9.04% being directly owned, and the rest indirectly owned through other subsidiaries.

The Cairo National Investment and Securities Company, a subsidiary of the bank, also owns 40.96% of the company’s total shares.

ANFI had received several other acquisition offers, most notably from Tycoon Holding Company, which wants to acquire 90% of the company for EGP 5.60 per share.

The company had also previously received offers from Kayan for Sustainable Development and Zaldi Capital, in addition to a group of investors, including Egyptian businessman Ahmed Al-Sabaa and Saudi investor Moustafa Al-Humaidan.

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