Abraaj Investment Management makes bid approach to Egypt’s Bisco Misr
Bisco Misr is one of Egypt’s main providers of baked goods and confectionary
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, finalizing negotiations and obtaining the necessary regulatory approvals.
Also Read
-
UAE markets under pressure, investors weigh Egypt tax implications
While to a degree the selling pressure has been overdone, a bounce is widely expected, although likely to be short-lived Economy -
Egypt, UAE choose army-linked company to build wheat silos
Reuters reported March that the UAE was working directly with Egypt’s army to ensure the silo-building was conducted efficiently Economy -
UAE: Sisi represents ‘new hope’ for Egypt
The UAE showed its support to Egypt's government through aid since the military ousted Islamist President Mohammad Mursi last July Middle East -
UAE to continue political, economic support to Egypt after poll: report
Sisi has said that, if he won the election, he would rely on foreign investment and continued Gulf aid to finance mega-projects Economy -
Market analysis: Egypt and UAE, the comeback kids
The UAE is one of the only states in the region where confidence in its political stability and security remains undimmed. Financial Markets -
Egypt’s army chief Abdel-Fattah al-Sisi arrives in UAE
The UAE recently labeled the Muslim Brotherhood a 'terrorist' organization Middle East -
UAE’s Arabtec plans property arms, Egypt ‘affordable’ housing projects
The UAE-based builder’s shares rose 52 percent in 2013 Property
