Argo for Food Industries, a joint venture between Egypt-based Juhayna for Food Industries and Danish group Arla Foods, aims to achieve sales of about €100 million ($110.3 million) over the next five years.

One of Egypt’s largest manufacturer of dairy and fruit juice products, Juhayna said the new company has been set up with a initial capital of E£200 million ($25.5 million), reported the Daily News Egypt.

This will soon be increased to E£500 million ($63.5 million), stated the report quoting the company chairman and CEO Safwan Thabet.

The new company, Argo for Food Industries, will launch its sales operations by October. To begin with, it will launch the distribution of Arla Foods’ cheese, butter and infant formula products, the report said.

The new company will be led by Yasser El-Malawany, the former CEO of EFG Hermes, it added.