Compass Capital ups ANFI bid in response to rival offer
Updated 7/5/2021 9:52:00 AM
ArabFinance: Compass Capital for Financial Investments has made a higher offer to acquire 90% of Alexandria National Company for Financial Investments (ANFI), according to a recent statement by the Financial Regulatory Authority (FRA).
Compass Capital raised the offer to EGP 6.12 per share instead of EGP 5.72 per share.
The new offer values ANFI’s 5.22 million shares at nearly EGP 32 million.
Compass’ higher bid came after Zeta raised its own per-share price to EGP 6.00 per share from EGP 5.48. Compass and Zeta aren’t the only two bidders eyeing ANFI.
On June 24th, The Egyptian Exchange (EGX) announced that it will receive buy and sell orders on ANFI’s shares starting June 27th until July 8th.
Zeta Investment submitted a mandatory tender offer (MTO) to acquire 4,702,500 shares, representing 90%, of Alexandria National at EGP 6 per share.
ANFI achieved a net profit of EGP 4.56 million in 2020, versus a net loss of EGP 709,656 in 2019.
Established in 1996 and listed on EGX in 1998, ANFI provides investment banking services including investment advisory on mergers and acquisitions, initial public offering, and underwriting.
