Alpha Dhabi completes acquisition of majority stake in NCTH: Alpha DhabiHolding finalized its acquisition of a controlling stake in Abu Dhabi’s National Corporation for Tourism and Hotels (NCTH), according to an ADX disclosure (pdf), following a planned capital increase initially announced in July 2024.

The details: NCTH raised its capital to AED 2.2 bn, up from AED 899 mn, through the issuance of 1.3 bn new shares, all allocated to Alpha Dhabi Hospitality Holding, a subsidiary of Alpha Dhabi. The shares were issued in exchange for the transfer of assets previously owned by Alpha Dhabi subsidiaries, including ADH Hospitality, Murban BVI Holding, and Hill View Resorts Seychelles.

Remember: Alpha Dhabi became NCTH’s largest stakeholder in 2023 after acquiring a 36.4% stake for AED 730 mn.

OTHER M&A NEWS-

UAE-based Nas Investment Holding intends to submit a mandatory tender offer for an additional 57.5% stake in EGX-listed fertilizers player EgyFert, Egypt’s Financial Regulatory Authority (FRA) said in a statement (pdf) yesterday. If accepted, the additional 5.5 mn shares will give Nas a controlling 90% stake in the fertilizer company. Nas Investment Holding now has 60 (-1) days to submit its offer, as per authority regulations.

The details: The transaction would be valued at EGP 522.5 mn (c. AED 38 mn), with Nas offering to purchase EgyFert’s shares at EGP 95.0 apiece. The offer price is almost exactly in line with the company’s share price of EGP 95.6 at the end of trading last week, but a good 4.6% below the EGP 99.56 by the time the EGX closed yesterday as the shares in the company rose 4.7% following the news.

Nas has only been a shareholder in the company for just over two months, after the company acquired a 32.5% stake in EgyFert back in October, purchasing 3.1 mn of phosphate exporting company MidFert Misr’s shares in the fertilizers producer. The company paid EGP 60 per share, putting the transaction value at some EGP 186.6 mn.

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