State-run transport holding firm blocks UAE’s Black Caspian acqusition bid for ACCHC

Ahram Online , Sunday 4 Jan 2026

State-run Holding Company for Maritime and Land Transport has firmly rejected an offer submitted by the UAE’s logistic services provider Black Caspian Logistics Holding Limited to acquire shares in Alexandria Container and Cargo Handling Company (ACCHC), according to the Egyptian company's disclosure to the Egyptian Exchange on Sunday.

State-run Holding Company for Maritime and Land Transport

ACCHC is one of Egypt’s largest container and cargo operators at the ports of Alexandria and El-Dekheila. The company operates under Law No. 159 of 1981 and is regarded as a strategic arm of Egypt’s maritime transport sector.

The company explained that the move follows a disclosure by Black Caspian, which currently holds a 19.32 percent stake in ACCHC, expressing its intention to submit a potential, non-binding mandatory tender offer to raise its ownership to around 90 percent of the company’s capital.

ACCHC said it had received an official letter from the Holding Company for Maritime and Land Transport confirming that it has no intention of selling any of its shares. The decision represents a key obstacle to completing the proposed acquisition.

On the financial front, ACCHC reported a 9 percent year-on-year decline in net profit in the first quarter of the current fiscal year.

The company posted net profits of EGP 1.73 billion between July and September 2025, down from EGP 1.91 billion in the same period of the previous fiscal year. Revenues also slipped to EGP 1.9 billion, compared with about EGP 2.01 billion a year earlier.

The company attributed the weaker performance to the appreciation of the Egyptian pound against the US dollar, as well as a drop in revenues from storage activities.