Akwan intends to acquire ADIB unit

CAIRO – 5 July 2017: Akwan Real Estate Development and Investment company intends to conduct due diligence to submit an acquisition offer for the Alexandria National Company for Financial Investment, the Abu Dhabi Islamic Bank (ADIB) said on Wednesday.

The company added in a stock statement that the due diligence request will be presented at the next board meeting.

ADIB contributes to around 85.5 percent of the Alexandria National Company, directly and indirectly, the statement highlighted.

The ADIB unit suffered LE 157,150 ($8,786) losses in the first quarter of 2017, up from LE 99,210 in the same period of the previous year.