NCC, Escom snap up EGP 715 mn stake in Spinalex

Spinalex acquisition bid accepted

The EGX announced that a voluntary tender offer for EGP 715 mn worth of Spinalex shares was executed yesterday, one month after a bid was made by New Construction Chemical (NCC) and Escom for Real Estate Investment, according to a statement. The transaction — covering Spinalex’s 48 mn shares — implies a per-share price of EGP 15. The announcement comes a week after Spinalex’s board said the EGP 15-a-share offer undervalued the firm, noting that independent advisor FACT had pegged fair value at EGP 17.51 a share.

ICYMI: The consortium moved to lift its stake in Spinalex to just under the mandatory offer threshold last month, when it launched a voluntary tender offer for up to 48.41 mn shares, or 13.42% of the company.

Taking ports private

L’imad is moving to fully absorb AD Ports Group, offering to buy out the 24.58% stake in the ports and logistics operator that its wholly-owned ADQ subsidiary doesn’t already own. ADQ, which holds 75.42% of AD Ports Group, is offering AED 6.25 per share incash — a 23% premium to the stock’s last ADX close of AED 5.10 and a 95% premium to the AED 3.20 IPO price AD Ports Group listed at back in February 2022, The National reports.

REMEMBER- AD Ports is gearing up for an acquisition spree: AD Ports has AED 5.89 bn in undrawn credit facilities, including an accordion option, to close its pending buys — Brazil’s CLI agri-bulk terminal operator for an enterprise value of AED 3.1 bn (expected to close by the end of 3Q 2026) and Germany’s MBS Logistics for AED 300 mn (expected in 4Q 2026).

Taking the port operator private would give AD Ports more room to maneuver without public scrutiny as Abu Dhabi, Riyadh, and other governments embark on what we think will be a decade-long drive to invest in infrastructure, defense, and AI in the wake of the ongoing US-Iran war.

IN CONTEXT- AD Ports isn’t just a Gulf port operator to us — it’s already one of the most active foreign investors in Egyptian logistics. The group has sunk stakes in Alexandria Container and Cargo Handling Company (an indirect majority holder with sister company Alpha Oryx). It also signed a 30-year concession to build and run a multi-purpose terminal at Safaga Port on the Red Sea and is developing cruise terminals in Hurghada, Sharm El Sheikh, and Sokhna, alongside the 20 sqm Kezad East Port Said logistics park.

From plan to plots

The government is laying the groundwork to bring private developers into the 8k-feddan Nevera Egypt megaproject near the pyramids of Giza, Al Arabiya reports, citing an unnamed government official. Initial land offerings are expected before the end of 2026, once servicing works are completed and executive plans are approved. Private investors could join through partnerships or other investment structures. ALC Alieldean Weshahi & Partners provided counsel, EnterpriseAM has learned.

IN CONTEXT- Nevera Egypt is the state-backed vehicle driving the West Cairo development, with backing from the Tahya Misr Fund, the New Urban Communities Authority, the New Administrative Capital for Urban Development, and private-sector partners. It is planned as a mixed-use hub built around an integrated media city, bringing together tourism, hotels, homes, logistics, and retail.

Battery factory closer to power-up

China’s Sungrow has broken ground on a USD 50 mn battery storage system factory in the SCZone’s Sokhna Industrial Zone, according to a statement. The 10 GWh plant, established in partnership with TEDA Egypt, will support Scatec’s Energy Valley project and will help supply costly, import-heavy components for large renewable projects. Production is set to begin in April 2027.

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