Cairo – Mubasher: The board of directors of Alexandria National Company for Financial Investment approved a request from an alliance led by Ahmed El-Sabea to conduct due diligence process.

The alliance, comprised of Wise Financial Advisors and the Saudi investor Mostafa Al Hamidan, offered to acquire from 75% to 90% of the company’s shares at EGP 7.48 per share, the company said in a bourse disclosure on Monday. 

The alliance will keep the company’s shares listed on the Egyptian Exchange (EGX).

During the first nine months of 2020, the company reported net profits of EGP 5.93 million, against net losses of about EGP 421,610 in the corresponding period a year earlier.