AD Ports bumps up Alex Containers offer to EGP 27.47 per share to consolidate 51.3% majority

The Abu Dhabi wealth fund ADQ-owned AD Ports Group is finalizing its consolidation of Alexandria Container and Cargo Handling Company (ALCN), according to a statement (pdf) from the Financial Regulatory Authority (FRA). Black Caspian Logistics — a subsidiary of the Emirati company — submitted a draft mandatory tender offer (MTO) to the FRA to acquire up to 90% of the EGX-listed port operator, valuing the shares at EGP 27.47 per piece.

The mechanics: The transaction will see Black Caspian acquire sister company Alpha Oryx’s 32% stake in ALCN, AD Ports said in a statement (pdf). To satisfy the FRA’s mandatory-offer framework, the agreement includes a tender offer to acquire up to 127.5 mn shares — or 4.3% — from freefloat shareholders. Subject to regulatory approvals, the transaction is expected to close in the second half of 2026.

REMEMBER- AD Ports Group secured a stake in ALCN in November when it acquired the PIF-owned Saudi Egyptian Investment Company’s 19.3% stake for EGP 13.24 bn. This gave ADQ a combined 51.33% majority stake in ALCN, following its acquisition of a 32% indirect ownership through Alpha Oryx in 2022.

Same file, higher price: This is the same MTO file we saw late last year. The FRA granted Black Caspian a 60-day extension in March to finalize its bid. The new EGP 27.47 per share price represents a 19.5% premium over AD Ports’ initial EGP 22.99 offer, but comes about 3.1% below the share’s closing price of EGP 28.36 on Thursday.

Why it matters: ALCN operates the Alexandria and El Dekheila terminals, managing a combined annual capacity of 1.5 mn TEUs and handling around 60% of Alexandria’s container capacity. That makes it one of Egypt’s most important Mediterranean gateway assets — and a core piece of AD Ports’ wider Egypt buildout across ports, shipping, maritime services, and logistics.

The state isn’t selling: The 90% figure is the regulatory ceiling, not the practical base case under the transaction. ALCN’s updated ownership structure as of April shows state-linked holders still owning 42.9% — split between the Holding Company for Maritime and Land Transport at 35.3% and the Alexandria Port Authority at 7.6% — according to an EGX disclosure (pdf). The Madbouly government is sitting tighton its 40% stake, opting to wait for the Mediterranean gateway asset to appreciate further rather than divest at current valuations.