The Financial Regulatory Authority is reviewing a mandatory tender offer submitted by UAE-based Black Caspian Logistics Holding Limited to acquire the remaining stake required to reach 90% of Alexandria Container and Cargo Handling’s share capital.

In a statement issued on Thursday, the FRA said the bidder currently owns around 19.33% of the target company’s issued capital. Black Caspian is seeking to raise its direct and indirect ownership to up to 90% of Alexandria Container and Cargo Handling’s shares, with a minimum acquisition threshold of 51%.

A mandatory tender offer is one of the tools used by the FRA to protect the interests of minority shareholders in listed companies. It gives minority shareholders the opportunity to accept an offer to sell their shares in the target company at the announced offer price. The mechanism is triggered when a shareholder seeks to acquire a stake exceeding one-third of a company’s shares.

The offer includes the indirect acquisition of the stake owned by Alpha Oryx Limited in Alexandria Container and Cargo Handling through an internal restructuring process. Under this process, ownership will be transferred to a sister company wholly owned by Lunate Legacy 4 LP, before Black Caspian acquires the entire share capital of that company in accordance with the applicable laws of the Abu Dhabi Global Market.

The offer also includes the direct acquisition of the remaining shares subject to the offer, in line with the provisions of Chapter 12 of the executive regulations of the Capital Market Law.

Black Caspian set the offer price at EGP 27.47 per share, with the same price applying to all shares targeted by the offer.

The FRA noted that the offer remains under review ahead of taking the necessary procedures in accordance with the rules governing mandatory tender offers in Egypt’s capital market.

Alexandria Container and Cargo Handling’s stock rose 0.78% since the start of Thursday’s trading session, reaching EGP 28.39 per share.

In December 2025, the FRA received a letter from Black Caspian, owned by AD Ports Group, disclosing its intention to submit a non-binding mandatory tender offer for Alexandria Container and Cargo Handling’s shares at an initial purchase price of no less than EGP 22.99 per share.