Alexandria National Co. receives acquisition offer for 90% of its shares

Alexandria National Company for Financial Investment has 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 EGP 7.48 per share, the company said in a bourse disclosure on Monday.

During the first nine months of 2020, the company reported net profits of 5.93 million Egyptian pounds, against net losses of about  421,610  pounds in the corresponding period a year earlier.