ADIB-Egypt board approves Tycoon’s offer to acquire Alexandria National Company

Abu Dhabi Islamic Bank – Egypt (ADIB-Egypt) said on Sunday its board has approved Tycoon Holding Investment’s offer to acquire 90 percent of Alexandria National Company for Financial Investment (ANVI).

The bid values ANVI at just 6.25 Egyptian pounds ($0.40) a share.

ADIB Egypt owns a direct stake of 9.04 percent in ANVI and a total direct and indirect stake of 84.99 percent.