AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, is to launch an offer to buy a controlling stake in one of the largest container terminal operators in Egypt, to expand the company's operations in the country.
As part of the deal, AD Ports will launch a cash mandatory tender to buy a stake of about 32 per cent in the Alexandria Container & Cargo Handling Company (ALCN), it said in a statement on Monday to Abu Dhabi Securities Exchange, where its shares are traded.
AD Ports will offer 22.99 Egyptian pounds ($0.48) per share, it added. The governmental shareholders, who hold most of the remaining shares in ALCN, will maintain their current respective shareholding stakes.
The latest offer comes after AD Ports last month bought a 19.3 per
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