ADIB Egypt withdraws acquisition offer of Cairo National for Investment

Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) has withdrawn a mandatory tender offer (MTO) to acquire the free float shares of Cairo National for Investment and Securities company.

The offer was originally submitted on 14 December 2023, according to a bourse filing.

It is worth highlighting that ADIB Egypt recorded EGP 4.67 billion in net profit during 2023, up from EGP 2.18 billion a year earlier.

The bank’s board proposed increasing the bank’s issued and paid-up capital to EGP 6 billion from EGP 5 billion through the distribution of free shares worth EGP 1 billion.