“Abraaj will start buying the shares of Bisco Misr this week and is expected to have completed it by December 17,” Reuters quoted Egypt’s Stock Market Regulator.
Although the snack maker said in November that stakeholders holding 56 percent stake in the company had agreed to sell to Abraaj, it recently said in a statement that it was still possible for competing offers to be made despite its initial announcement.
Abraaj Investment Management, a leading international private equity investor, is buying the shares at 73.91 Egyptian pounds ($10.32) per
share in cash, provided they receive the acceptance representing 51 percent of the company’s equity.
The emerging markets-focused investment group is keen to expand the snack maker’s footprint across the region’s growth markets. In a statement sent to Ventures Africa, Abraaj said it had developed a robust value creation plan for the Company with a strong emphasis on corporate governance. “Abraaj will further draw on its significant industry experience and strong regional and global networks to create expansion and export opportunities for the Company as well as develop new products that will form part of a compelling offering in sweet and savoury snacks,” Abraaj added.
Abraaj, which has been pushing to deepen its presence in emerging markets, recently acquired a majority stake in South African Leading FMCG manufacturer, Liberty Star Consumer Holdings (Libstar). The Dubai based company also holds interests in Egypt’s Orascom Construction, super market, chain Spinneys and budget carrier, Air Arabia.
Bisco Misr is one of Egypt’s major baking companies, producing more than 90 brands of biscuit. It currently owns three large facilities; two in Alexandria, where it produces and distributes its top labels such as biscuit Luxe and other ranges of cakes and wafers. The other is situated in Cairo. There it produces energy boosting date bar, Datto, and other confectioneries.
No comments:
Post a Comment