Abraaj affiliate makes bid approach to Egypt's Bisco Misr

Abraaj Investment Management says it is keen to buy at least 51% stake in sweet snack maker

Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, has made an approach to buy at least a 51 percent stake in Egypt's snack maker Bisco Misr, Bisco Misr said in a statement on Sunday.

"Abraaj Investment Egypt Limited have requested ... to conduct (technical and financial) studies on the company with the intention of acquiring all its shares, with a minimum of a 51 percent stake," Bisco Misr said.

Dubai-based Abraaj Capital, the Middle East's largest private equity firm, has been pushing to expand in emerging markets. It owns stakes in Egypt's Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.

Abraaj Group published a statement on its website confirming it had made an expression of interest to shareholders representing a controlling stake in Bisco Misr on behalf of funds advised by Abraaj.

Bisco Misr is one of Egypt's main providers of baked goods and confectionary.

Abraaj said completion of the proposed transaction would be subject to certain conditions, including conducting due diligence on the company that is satisfactory to Abraaj, finalising negotiations and obtaining the necessary regulatory approvals.

Egypt has had more than three years of economic and political turmoil since an uprising in 2011 ousted president Hosni Mubarak.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking