Dhabi’s AD Ports Group has taken another step toward strengthening its position in Egypt’s maritime logistics sector, with plans to consolidate ownership of Alexandria Container & Cargo Handling Company (ALCN), one of the country’s most strategically important port operators.
The company announced that its wholly owned subsidiary, Black Caspian, has filed a draft mandatory tender offer with Egypt’s Financial Regulatory Authority seeking to raise its holding in ALCN.
At the center of the proposed transaction is a 32% stake currently owned by Alpha Oryx, an investment vehicle within Abu Dhabi-based ADQ’s portfolio. Both ADQ and AD Ports are state-backed entities, and the move would effectively place a larger share of ALCN directly under AD Ports’ control.
ALCN manages operations at Alexandria and El Dekheila ports, facilities that collectively represent roughly 60% of container-handling capacity in the Alexandria region, making the company a critical gateway for Egyptian trade.
The tender offer follows regulatory requirements triggered after ADQ and AD Ports together crossed Egypt’s 33% ownership threshold. ADQ initially entered ALCN in 2022 through a 32% acquisition. AD Ports later expanded the group’s presence by purchasing an additional 19.3% stake in November, pushing combined ownership beyond the 50% mark.
Under the latest proposal, Black Caspian is offering EGP 27.47 per share. The price represents a significant increase from the EGP 22.99-per-share offer submitted in late 2025, although it remains slightly below ALCN’s most recent market closing price of EGP 28.15.
Black Caspian, which already owns 19.3% of the company, intends to acquire the Alpha Oryx stake while also seeking up to 4.3% of shares from minority investors through the tender process.
The target company has continued to post solid operating results. During the first quarter of 2026, ALCN reported net profit of EGP 1.94 billion, an increase of 10% compared with the same period a year earlier. Growth was supported by an 8% rise in container volumes handled across its port operations.
The proposed acquisition remains contingent on receiving the necessary approvals from Egyptian regulators.
