Cairo National Company for Investment and Securities said its listed subsidiary Alexandria National Company for Financial Investment got an acquisition offer from Kayan for Sustainable Development, according to a December 21st disclosure.

Kayan plans to purchase up to 90% of Alexandria National’s shares at a value of EGP 5.3 per stock.

The development firm noted that it intends to keep Alexandria National listed on the Egyptian Exchange after takeover, if finalized.

Alexandria National is also a subsidiary of Abu Dhabi Islamic Bank – Egypt.