Cairo - Mubasher: Black Caspian Logistics Holding Limited announced a non-binding mandatory tender offer (MTO) to acquire up to 90% of Alexandria Containers and Cargo Handling Company.
The Abu Dhabi-based company currently owns 575.90 million shares in Alexandria Containers, equivalent to 19.33% of the company’s capital, according to a bourse filing.
The initially proposed price stands at EGP 22.99 per share, with the deal subject to obtaining regulatory approvals in Egypt and the UAE.
In accordance with Article 354 of the Executive Regulation of the Capital Market Law, the offer is conditional on acquiring 51% of Alexandria Container’s issued share capital.
In November, Abu Dhabi Ports Company (AD Ports) acquired the Saudi Egyptian Investment Company’s (SEIC) stake in Alexandria Containers in a deal valued at EGP 13.23 billion.
