Cairo, Egypt, 19 November 2014: The Abraaj Group (“Abraaj” or “The Group”), a leading investor operating in global growth markets, has today issued the following statement in regards to the tender offer the Group has made, through one of its Funds, for the acquisition of up to 100% of the share capital of the Egyptian Company For Foods BiscoMisr (the “Company”), a leading baked goods and confectionery manufacturer, subject to a minimum of 51% of the share capital of the Company.
The tender offer announcement has been published today following the approval of the Egyptian Financial Supervisory Authority (“EFSA”) in accordance with applicable laws and regulations. As detailed in the tender offer announcement approved by EFSA, in the event the offer is successful, Abraaj will work closely with the Company’s Egypt-based management and provide full support to Egyptian industry expert, Mohamed El-Rashidi, as incoming Executive Chairman of the Company to develop and grow the Company into a pre-eminent Egyptian branded snacks business based in Egypt, managed from Egypt and targeting the local and export markets.
Source: AVCA
