AI Summary
The transaction was valued at about EGP 13.2 billion
UAE’s Abu Dhabi Ports Group (AD Ports) announced today, Nov. 20, it acquired a 19.33% stake in Alexandria Container & Cargo Handling Company (ALCN) from the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of the Public Investment Fund (PIF).
The transaction, valued at about EGP 13.2 billion ($278 million), was financed through a mix of existing cash and debt.
In 2022, SEIC acquired a 19.33% stake in ALCN for $126 million.
Upon completion of the divestiture transaction, SEIC achieves profits of about $236 million from the deal and the distributed dividend.
SEIC's investment strategy targets further growth in investments and market capitalization to achieve lucrative financial returns.
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Details of ALCN's Ownership Structure |
|||
|
Investor |
Number of Shares (mln) |
Par Value (EGP mln) |
Ownership % |
|
Egyptian Holding Company for Maritime and Land Transport |
1053.83 |
526.92 |
35.37% |
|
Alpha Oryx Ltd (Abu Dhabi-UAE) |
953.44 |
476.72 |
32.00% |
|
SEIC |
575.90 |
287.95 |
19.33% |
|
Alexandria Port Authority |
227.36 |
113.68 |
7.63% |
|
Free Float |
168.98 |
84.49 |
5.67% |
|
Total |
2979.51 |
1489.75 |
100% |
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