UAE's Abraaj Investment Management has made a formal offer of 850 million Egyptian pounds ($118.88 million) for 100 per cent of Bisco Misr, one of Egypt's main producers of cakes and biscuits, the regulator said in a statement.

Abraaj's offer was 73.91 pounds ($10.10) per share, lower than Bisco Misr's closing price of 79.80 pounds ($10.91) on Sunday. The offer is for the whole company but Abraaj will accept no less than a 51 per cent controlling stake, the statement said.

The Egyptian Financial Supervisory Authority said it was considering the offer.

Abraaj Investment Management, an affiliate of UAE's Abraaj Capital, the Middle East's largest private equity firm, first made an approach to buy at least 51 per cent of Bisco Misr in July, pending due diligence that Bisco Misr said in a statement on Sunday had been completed.

It said shareholders holding 56 per cent of the Egyptian snack maker had agreed to sell to Abraaj provided that the formal offer came within two working days from Thursday.

Dubai-based Abraaj Capital has been pushing to expand in emerging markets. It already owns stakes in Egypt's Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.

Bisco Misr said in August that Kellogg Co, the world's biggest breakfast cereal maker, had also made a bid approach. The company also earlier refused a takeover bid from Juhayna Foods, Egypt's largest juice maker.

Bisco Misr owns three baking facilities in Cairo and Alexandria. – Reuters