Abu Dhabi sovereign investor ADQ is taking another step to expand its presence in Egypt’s transport and logistics sector through its portfolio company, AD Ports Group.

The company said its wholly owned subsidiary, Black Caspian, has submitted a draft mandatory tender offer to Egypt’s Financial Regulatory Authority to increase its stake in Alexandria Container & Cargo Handling Company (ALCN).

The move underscores the growing role Gulf investors are playing in Egypt’s infrastructure sector as the country continues to attract foreign capital into strategic industries. Alexandria Container & Cargo Handling operates facilities at Alexandria and El Dekheila ports, which together account for about 60 percent of the Alexandria region’s container-handling capacity.

The ports serve as a key gateway for Egypt’s trade, making ALCN one of the country’s most important logistics assets.

Mandatory offer follows rise in ownership

The latest filing comes after ADQ’s holdings in ALCN exceeded Egypt’s 33-percent ownership threshold, which requires investors to launch a mandatory tender offer under local regulations.

ADQ first acquired a 32-percent stake in the company in 2022. AD Ports later expanded the group’s position by purchasing an additional 19.3 percent stake in November 2025, pushing combined ownership above the 50-percent mark.

Alpha Oryx, which holds the shares being offered, is also part of ADQ’s investment portfolio. The transaction therefore represents a restructuring of assets within the Abu Dhabi investment group’s network of companies.

Under the proposal, Black Caspian, which currently owns 19.3 percent of ALCN, plans to acquire another 32 percent from Alpha Oryx. It is also seeking to purchase up to 4.3 percent of shares from minority investors.

Revised offer price raised from earlier proposal

Black Caspian has set the revised offer price at EGP27.47 ($0.52) per share, up 19.5 percent from the previous offer of EGP22.99 ($0.44) submitted in December 2025.

Despite the increase, the revised price remains slightly below ALCN’s latest closing price of EGP28.15 ($0.54), representing a discount of about 2.4 percent to the market value.

Container operator posts higher earnings

The proposed transaction comes as Alexandria Container & Cargo Handling reports stronger financial results.

The company posted net profit of EGP1.94 billion ($37.4 million) in the first quarter of 2026, up 10 percent from a year earlier. Container volumes also rose 8 percent during the period, reflecting continued activity across Egypt’s shipping and logistics sector.

The transaction remains subject to regulatory approvals.