{"id":560308,"date":"2021-02-23T04:28:46","date_gmt":"2021-02-23T04:28:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/adib-approves-sale-of-majority-stake-in-assiut-islamic-trading\/"},"modified":"2021-02-23T04:28:46","modified_gmt":"2021-02-23T04:28:46","slug":"adib-approves-sale-of-majority-stake-in-assiut-islamic-trading","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/adib-approves-sale-of-majority-stake-in-assiut-islamic-trading\/","title":{"rendered":"ADIB approves sale of majority stake in Assiut Islamic Trading"},"content":{"rendered":"

<\/a> A<\/strong>bu Dhabi Islamic Bank (ADIB) looks to be on the way out from <\/strong>Assiut Islamic <\/strong>Trading<\/strong> after its board approved (pdf)<\/a> a mandatory tender offer<\/a> (MTO) submitted by a group of shareholders earlier this month for a 76% stake in the company. The investors \u2014 led by Amr Ibrahim Selim and Mohamed Ahmed Shalaby \u2014 offered to buy the 5+ mn shares at EGP 28.5 apiece, valuing the stake at close to EGP 145 mn. ADIB owns 66% of the company, 40% of which it owns directly and the other 26% through its subsidiaries including Cairo National Company Investments, in which it holds a 74.75% stake.<\/p>\n

This isn\u2019t the only subsidiary ADIB may be exiting:<\/strong> The bank confirmed this month that Hong Kong-based Zeta Investments<\/a> has submitted an offer<\/a> to purchase 90% of brokerage house Alexandria National Company for Financial Investments (ANFI) for EGP 5.51 per share. The Gulf lender\u2019s total holdings in the brokerage are 84.99%, including a 9% direct stake, a 34.99% indirect stake through its subsidiary ADI Lease, and 40% through Cairo National Company Investments.<\/p>\n

Why the sales?<\/strong> The bank is looking to restructure and sell some of its non-core businesses, CEO and Managing Director Mohamed Aly told Enterprise, without disclosing further information.<\/p>\n

The board also approved raising the bank\u2019s capital<\/strong> to EGP 7 bn instead of the current EGP 4 bn.<\/p>\n

ADIB expands into Egypt\u2019s NBFS sector:<\/strong> The bank will establish two new companies in the microfinance and consumer finance sectors, according to the bank\u2019sgovernance report (pdf).<\/a> The first subsidiary will have a total capital of EGP 25 mn, while the other will have EGP 10 mn of starting capital. The bank will own a 98% stake in each of the two units.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

Al <\/strong>Manara\u2019s <\/strong>Merit University may be getting new shareholders<\/strong>:<\/strong> Real estate investment firm Al Manara<\/a> is considering selling stakes in its wholly owned Merit University<\/a> to investors, a source familiar with the matter told Enterprise. The company has appointed Compass Capital as its financial advisor to study requests by individual investors and equity funds, the person said. The university recently opened faculties<\/a> of medicine and physical therapy and is working on setting up two new faculties for dentistry and pharmacy, and has plans to establish a new hospital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi Islamic Bank (ADIB) looks to be on the way out from Assiut Islamic Trading after its board approved (pdf) a mandatory tender offer (MTO) submitted by a group of shareholders earlier this month for a 76% stake in the company. The investors \u2014 led by Amr Ibrahim Selim and Mohamed Ahmed Shalaby \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":560309,"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":[469,3745,204,514,72,7128,311],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-dhabi-islamic-bank","tag-assiut-islamic-trading","tag-banking","tag-consumer-finance","tag-enterpriseam","tag-ma-watch","tag-microfinance","wpautop","entry"],"acf":{"mongo_id":"6d462009-f7d7-4e88-be73-f1d0a42620ea","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/332.jpeg","photo_position":"above","related_issue":[560303],"teaser":"","voice_url":""},"yoast_head":"\nADIB approves sale of majority stake in 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\/23\/adib-approves-sale-of-majority-stake-in-assiut-islamic-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADIB approves sale of majority stake in Assiut Islamic Trading\" \/>\n<meta property=\"og:description\" content=\"Abu Dhabi Islamic Bank (ADIB) looks to be on the way out from Assiut Islamic Trading after its board approved (pdf) a mandatory tender offer (MTO) submitted by a group of shareholders earlier this month for a 76% stake in the company. 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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\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","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":560308,"position":1},"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 "M&A WATCH"","block_context":{"text":"M&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":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":560308,"position":2},"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 "Speed Round"","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":564170,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/is-this-anfi-bidding-war-finally-over\/","url_meta":{"origin":560308,"position":3},"title":"Is this ANFI bidding war finally over?","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Tycoon to acquire at least 85% of ANFI: Abu Dhabi Islamic Bank Egypt (ADIB) has approved Tycoon Holding\u2019s offer to acquire its stake in Alexandria National Company for Financial Investment (ANFI), the Emirati lender said in an EGX statement (pdf) this morning. ADIB Egypt owns almost 85% of the company,\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/427.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564213,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/tycoon-officially-acquires-85-of-anfi\/","url_meta":{"origin":560308,"position":4},"title":"Tycoon officially acquires 85% of ANFI","author":"enterpriseam admin","date":"17 August 2021","format":false,"excerpt":"Tycoon officially has 85% of ANFI: The EGX officially confirmed (jpg) this morning that Tycoon Holding has succeeded in acquiring Abu Dhabi Islamic Bank Egypt\u2019s (ADIB) 85% stake in brokerage firm Alexandria National Company for Financial Investment (ANFI). The Emirati lender said as much on Sunday, announcing that it had\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/456.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543395,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/adib-egypt-to-sell-majority-stake-in-subsidiary-cairo-national-securities\/","url_meta":{"origin":560308,"position":5},"title":"ADIB Egypt to sell majority stake in subsidiary Cairo National Securities","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"Abu Dhabi Islamic Bank Egypt\u2019s board has agreed to sell a 50.9% stake in subsidiary Cairo National Securities, according to a bourse filing (pdf). The disclosure didn\u2019t disclose the identity of the buyer or the value of the transaction.ADIB Egypt will also go ahead with a EGP 2 bn capital\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"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\/560308","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=560308"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560308\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560309"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560308"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560308"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}