Abu Dhabi Ports Group is pushing to acquire Alexandria Container and Cargo Handling Company (ACCHC) because of the company’s strong market position, while the Egyptian state is resisting the sale because it believes the company would be difficult to replace through new investments in the sector, two government sources said.
Despite two rejected offers, the Emirati group stepped up its bid last week by applying to the Egyptian Competition Authority for approval to acquire between 51% and 90% of ACCHC’s shares, underscoring its determination to complete the acquisition.
The state-owned Holding Company for Maritime and Land Transport currently owns about 35% of ACCHC, while the Alexandria Port Authority holds about 7% of the company.
The Emirati group succeeded in acquiring a 51.3% stake in ACCHC through two deals. The first was conducted through AD Ports affiliate Alpha Oryx, which acquired 32% of the state-owned company. The second was through Black Caspian, an affiliate of the Emirati group, which bought the 19.3% stake held by Saudi Egyptian Investment Company.
Black Caspian is seeking to acquire enough shares to bring its ownership to 90% and has made two offers. The first, in January, was priced at 22.99 Egyptian pounds ($0.45) per share and was rejected by the government. It renewed the offer in June, raising the share price by 19.5%, but the government rejected it again.
ACCHC is one of the oldest state-owned entities in Egypt’s container-handling sector. Established in 1984, it operates two main terminals with a combined capacity of up to 1.5 million twenty-foot equivalent units and has a direct connection to the railway network, making it one of the main operating assets in Egypt’s Mediterranean port system.
The government entities that own shares in the company believe they cannot replace the revenue it generates by starting a new container-handling business, given the sector’s intense competition, a source familiar with ACCHC told Al Manassa. AD Ports Group, meanwhile, wants to capitalize on ACCHC’s strong market position.
The source, who asked not to be named, added that “interest in acquiring ACCHC increased after the offering of government stakes in other companies that had been slated for privatization, such as Damietta and Port Said Container and Cargo Handling, was delayed.”
While the government has listed Port Said and Damietta Container and Cargo Handling on the stock exchange since 2022 in preparation for offering stakes in the companies, the planned offerings have yet to take place.
A board member of the Holding Company for Maritime and Land Transport largely ruled out selling the remaining government stakes for now, telling Al Manassa that “continued government ownership of shares in the company represents a sustainable source of cash flows, in addition to strategic considerations related to retaining the stake.”
The container-handling sector has faced intense competition as numerous foreign operators have entered the market in recent years. According to data compiled by Al Manassa in a previous report, ACCHC ranks third among container-handling companies, with a 10.7% market share.
The company’s latest results highlight its strong financial performance, with recorded earnings before interest, taxes, depreciation, and amortization of 6.09 billion Egyptian pounds ($119 million) in 2025.
The ACCHC source said the company’s strategic assets, particularly its two container terminals at the ports of Alexandria and El-Dekheila, explain the strong interest from Emirati investors in acquiring the company.The source said that despite the Emirati group holding the largest stake in the company, it wants to acquire 90% to gain greater flexibility in managing it independently, as it believes it can generate higher revenues than the current management.
