Abraaj in move to buy Bisco Misr stake
Cairo, July 13, 2014
Abraaj Investment Management, an affiliate of United Arab Emirates' Abraaj Capital, has made an approach to buy at least a 51 percent stake in Bisco Misr, Egypt's snack maker, a statement from Bisco said.
"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. - Reuters