Cairo
Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) announced that Kayan for Sustainable Development has submitted an offer to acquire 90% of one of its subsidiaries. An offer was submitted for 90% of Alexandria National Company for Financial Investment at EGP 5.3 per share, according to a bourse disclosure on Monday. ADIB Egypt owns a direct stake of 9.04% in the company and a total direct and indirect stake of 84.99%. During the first nine months of 2020, ADIB Egypt logged EGP 844.265 million in net profits, down from EGP 967.03 million in the year-ago period. Alexandria National Company for Financial Investment reported net profits of EGP 5.93 million in the January-September period, against net losses of about EGP 421,610 in the corresponding period a year earlier.—Agencies
