{"id":560045,"date":"2021-02-14T03:59:33","date_gmt":"2021-02-14T03:59:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/"},"modified":"2021-02-14T03:59:33","modified_gmt":"2021-02-14T03:59:33","slug":"is-adib-about-to-sell-assiut-islamic-trading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/","title":{"rendered":"Is ADIB about to sell Assiut Islamic Trading?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>A group of investors want to acquire up to 100% of Abu Dhabi Islamic Bank <\/strong><strong>subsidiary Assiut Islamic Trading. <\/strong>The investors \u2014 led by Amr Ibrahim Abdel Nasser and Mohamed Ahmed Shalaby \u2014 filed a mandatory tender offer for the 76% stake they don\u2019t already own, the Financial Regulatory Authority said in <a href=\"https:\/\/ent.news\/2021\/2\/FRA-Assiut-Islamic-MTO-13-02-21.pdf\">a filing to the EGX (pdf)<\/a>. The investors have offered to buy the 5+ mn shares at EGP 28.5 apiece, valuing the stake at close to EGP 145 mn. Amr Ibrahim Abou El Oyoun Abdel Nasser is a non-executive board member in Assiut Islamic Trading.<\/p>\n<p><strong>What is Assiut Islamic Trading? <\/strong>A commodities and equipment wholesaler that has had a zombie listing on the EGX <a href=\"https:\/\/www.emis.com\/php\/company-profile\/EG\/Assiut_Islamic_Trading_Co_SAE__%D8%A3%D8%B3%D9%8A%D9%88%D8%B7_%D8%A7%D9%84%D8%A7%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9_%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A%D8%A9_%D9%84%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9_%D9%88%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9__en_2043411.html\">since 1996<\/a>. Abu Dhabi Islamic Bank owns 66% of the company, a 40% stake it owns directly and 26% through its subsidiaries including <a href=\"https:\/\/www.caironational.net\/ar\/\">Cairo National Company Investments<\/a>.<\/p>\n<p><strong>IN OTHER M&A NEWS-<\/strong><\/p>\n<p><strong>Maridive Oil & Services looks like it\u2019s set to offload subsidiary Maridive Offshore Projects <\/strong><strong>after formally receiving a USD 48 mn offer from Jeddah-based Al Subaie<\/strong> Investment Group to acquire 100% of the company, Maridivde said in <a href=\"https:\/\/ent.news\/2021\/2\/%D9%85%D8%A7%D8%B1%D9%8A%D8%AF%D8%A7%D9%8A%D9%81-%D8%A8%D9%8A%D8%A7%D9%86-%D9%85%D9%86-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-11-02-2021.pdf\">a disclosure (pdf)<\/a> on Thursday. The offer will be up for board approval today, and the company will still seek regulatory approval before closing the sale, the disclosure said. EGX-listed Maridive said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f0ddf41-022c-4039-b9af-70caeb2bb668\">last March<\/a> it had opened talks with its creditors as covid-19 and the ensuing collapse in oil prices took their toll on the business. Al Subaie had expressed interest in Maridive Offshore Projects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64e602b1-0d87-40af-86cc-572918e216a6\">in June<\/a>, but no details were announced at the time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A group of investors want to acquire up to 100% of Abu Dhabi Islamic Bank subsidiary Assiut Islamic Trading. The investors \u2014 led by Amr Ibrahim Abdel Nasser and Mohamed Ahmed Shalaby \u2014 filed a mandatory tender offer for the 76% stake they don\u2019t already own, the Financial Regulatory Authority said in a filing to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":560046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[469,3745,317,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-dhabi-islamic-bank","tag-assiut-islamic-trading","tag-commodities","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"53e85385-3fbf-4f52-9aa2-276c32b9de0c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/209.jpg","photo_position":"above","related_issue":[560036],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is ADIB about to sell Assiut Islamic Trading? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is ADIB about to sell Assiut Islamic Trading?\" \/>\n<meta property=\"og:description\" content=\"A group of investors want to acquire up to 100% of Abu Dhabi Islamic Bank subsidiary Assiut Islamic Trading. The investors \u2014 led by Amr Ibrahim Abdel Nasser and Mohamed Ahmed Shalaby \u2014 filed a mandatory tender offer for the 76% stake they don\u2019t already own, the Financial Regulatory Authority said in a filing to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-14T03:59:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/209.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Is ADIB about to sell Assiut Islamic Trading?\",\"datePublished\":\"2021-02-14T03:59:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\"},\"wordCount\":256,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/209.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abu Dhabi Islamic Bank\",\"Assiut Islamic Trading\",\"commodities\",\"EnterpriseAM\",\"M&amp;A Watch\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/is-adib-about-to-sell-assiut-islamic-trading\/\",\"name\":\"Is ADIB about to sell Assiut Islamic Trading? 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The investors \u2014 led by Amr Ibrahim Selim\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/332.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561053,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/also-on-our-radar-on-23-march-2021\/","url_meta":{"origin":560045,"position":1},"title":"Also on our Radar on 23 March 2021","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"A handful of things we\u2019re keeping an eye on this morning: The UAE\u2019s Time Hotels will open this year its firsttwo hotels in Egypt, namely the 203-room resort in Nuweiba and a 130-room hotel and conference center near El Alamein.HC Securities was co-advisor (pdf) to Saudi\u2019s Almarai on its acquisition\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560432,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/zeta-investment-bids-for-90-stake-in-anfi\/","url_meta":{"origin":560045,"position":2},"title":"Zeta Investment bids for 90% stake in ANFI","author":"enterpriseam admin","date":"28 February 2021","format":false,"excerpt":"It\u2019s official: Zeta has eyes for ANFI: The UAE branch of Hong Kong\u2019s Zeta Investment has submitted an offer to acquire 90% of brokerage house Alexandria National Company for Financial Investments\u2019 (ANFI) shares at EGP 5.48 per share, the Financial Regulatory Authority said in a statement (pdf) last week. This\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/386.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647421,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/10\/earnings-watch-abu-dhabi-islamic-bank-reports-1q2017-results\/","url_meta":{"origin":560045,"position":3},"title":"Earnings watch: Abu Dhabi Islamic Bank reports 1Q2017 results","author":"enterpriseam admin","date":"10 May 2017","format":false,"excerpt":"EARNINGS WATCH-Abu Dhabi Islamic Bank (ADIB) Egypt reported a consolidated net profit to EGP 73.7 mn in 1Q2017, a 38.5% y-o-y decrease from the EGP 119.8 mn recorded in 1Q2016, according to an EGX filing. Revenues were up 36% y-o-y to EGP 604 mn in 1Q2017.","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651743,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/20\/earnings-watch-abu-dhabi-islamic-bank-egypt-adib-and-alexandria-medical-report-results\/","url_meta":{"origin":560045,"position":4},"title":"Earnings watch: Abu Dhabi Islamic Bank Egypt (ADIB) and Alexandria Medical report results.","author":"enterpriseam admin","date":"20 February 2017","format":false,"excerpt":"**Earnings watch: Abu Dhabi Islamic Bank Egypt (ADIB) reported an 82% y-o-y rise in FY2016 net profit in to EGP 397.038 mn compared with the same period a year ago, the bank said in a statement. Meanwhile, Alexandria Medical Services reported a net profit of EGP 17.035 mn in FY2016,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623477,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/31\/mustafa-mousa-made-partner-at-bahaa-el-din-law-office-in-cooperation-with-bonellierede\/","url_meta":{"origin":560045,"position":5},"title":"Mustafa Mousa made partner at Bahaa El-Din Law Office in cooperation with BonelliErede","author":"enterpriseam admin","date":"31 October 2018","format":false,"excerpt":"MOVES- Mustafa Mousa (not to be confused with the former presidential candidate) has been made partner at Bahaa-Eldin Law Office in cooperation with BonelliErede,\u00a0Al Mal reports. Mousa previously served as chairman of Assiut Islamic National Trade and Development.","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=560045"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560045\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560046"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560045"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560045"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}