Egypt’s Transport Ministry is set to reject AD Port’s mandatory tender offer (MTO) to acquire up to 90% of Alexandria Container and Cargo Handling (ALCN), a senior government official tells EnterpriseAM. The Emirati port operator — bidding through its subsidiary Black Caspian Logistics offered EGP 27.47 per share last week to consolidate its control over the local maritime operator.
The newly submitted offer will be presented at an upcoming ALCN board meeting, pending receipt of an official decision from the state-owned Holding Company for Maritime and Land Transport, the official says.
Why it matters: ALCN operates the Alexandria and El Dekheila terminals, managing a combined annual capacity of 1.5 mn TEUs and handling around 60% of Alexandria’s container capacity. That makes it one of Egypt’s most important Mediterranean gateway assets — and a core piece of AD Ports’ wider Egypt buildout across ports, shipping, maritime services, and logistics.
The state is holding the line: The Abu Dhabi wealth fund ADQ-owned AD Ports has recently sweetened its bid by 19.5% from an initial EGP 22.99 per share offer submitted late last year, attempting to consolidate the 51.33% indirect majority it has built in the company since 2022.
But the government — which controls a combined 42.9% blocking stake in ALCN through the Holding Company for Maritime and Land Transport (35.3%) and the Alexandria Port Authority (7.6%) — is refusing to hand over the keys to its lucrative Mediterranean gateway asset.
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