AD Ports is planning to raise its stake in Alexandria Container and Cargo Handling Company (ALCN) to become a majority shareholder as it gears up to place a mandatory tender offer to buy an additional stake of nearly 32% as a minimum, the ADQ-owned ports operator said in a statement.

The ADQ-backed player, which already owns 19.33% of ALCN, is offering to buy up to 90% of the company at EGP 22.99 a pop, according to a separate bourse disclosure (pdf), and is penciling in a 3% boost to group revenue from the acquisition, set to close in 2Q 2026.

This may very well be an internal transfer. ADQ-owned Alpha Oryx, AD Ports’ sister company, currently holds a 32% stake in ALCN — the exact amount AD Ports needs for the transaction to go through. A sale to AD Ports would centralize all of ADQ’s holdings in ALCN (currently at 51.33%) under a single subsidiary instead of two.

Open to all, aimed at a few: The MTO will be open to all of ALCN’s shareholders, as is required by law, including the Egyptian government, which holds most of the remaining shares. AD Ports, however, confirmed that government shareholders that own over 40% of the port operator will “maintain their current respective shareholding stakes,” further suggesting the offer is primarily aimed at buying out Alpha Oryx and any other minority investors.

The price is a markdown: At EGP 22.99 a share, the offer implies a 4.2% markdown to ALCN’s Thursday price of EGP 23.95 — its last close before the transaction was announced on Sunday.

Keep an eye out: The transaction is expected to come to fruition in 2Q 2026.

Why it matters

This is the latest step in AD Ports’ steady buildout of Egypt’s logistics corridor. The firm acquired majority stakes from our multimodal logistics friends at Transmar and Transcargo International back in 2022, as well as Safina Shipping Services last year. The firm also secured a long-term concession for the USD 200 mn Safaga terminal, signed a 50-year renewable agreement to develop and operate Kezad East Port Said at Suez Canal, and is expanding its cruise and port footprint along the Red Sea coast.

Taking control of ALCN would plug AD Ports into the country’s primary Mediterranean gateway linking Suez Canal traffic with Egypt’s industrial and consumption base, and bring 60% of Alexandria’s container capacity — which spans two container terminals at Alexandria and El Dekheila ports with a combined annual capacity of 1.5 mn TEUs — under its umbrella.

Our take

The port operator has been monetizing non-core assets as it looks to strengthen its balance sheet and reinvest capital into growth and expansion of its logistics, infrastructure, and trade projects. The UAE major has recently sold some UAE-based assets including its stakes in National Marine Dredging Company (NMDC), land plots in KEZAD, and two logistics warehouses.

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