AD Ports sweetens bid for Egypt’s Alexandria Containers

AD Ports is sweetening its takeover bid for Egypt’s biggest container terminal operators, Alexandria Container and Cargo Handling Company, the Arabic press reports, citing a statement from the Egyptian Financial Regulatory Authority.

What’s new? The Abu Dhabi government-owned ports operator, through subsidiary Black Caspian Logistics Holding, submitted a revised mandatory tender offer to acquire up to 90% of the EGX-listed company at EGP 27.47 per share. The new offer is roughly 19.5% higher than the EGP 22.99 per share proposal it tabled late last year, and presents a slight discount of 2.5% to its share price at Wednesday's close.

Why it matters: This MTO is a necessary regulatory step to officially consolidate the indirect holdings of ADQ and its subsidiary AD Ports Group. After initially acquiring a 32% stake in 2022, ADQ secured an indirect 51.3% majority control last November when AD Ports purchased an additional 19.3% stake. Given Egyptian securities law mandates an MTO when a shareholder’s stake exceeds 33%, AD Ports launched a mandatory tender offer in December to increase its direct ownership, which was later extended.

REMEMBER- The Madbouly government, which holds 40%, isn’t selling — it’s in Alex Containers for the long term, waiting for the asset to appreciate before monetizing further, we’re told. The transaction was expected to close in 2Q 2026 if AD Ports gets the green light from the Financial Regulatory Authority, among other agencies.