Al-Bahi family, which owns the majority stake in Fancy Foods Company, has sold all its shares in the company, sources told Daily News Egypt on Tuesday.
The sources indicated that the family is considering investing the proceeds of the sale in establishing a new company for snacks, and several other investment alternatives, but it is waiting for the economic situation to stabilize in order to make the investment decision.
Edita Company completed its acquisition of Fancy Foods on Monday at a value of EGP 380m, which was confirmed by sources to Daily News Egypt last week.
El Dreny & Partners played the role of the legal advisor to the selling party, while the office of Maatouk Bassiouni and Al-Hinnawi acted as an advisor to the buying party. Zila Capital acted as the financial advisor to Edita.
Fancy Foods was established by Alaa Al-Bahi, former head of the Export Council for Food Industries, with the participation of other investors, after their exit from Mass Food Group, which was acquired by the American Kellogg’s company in a deal worth EGP 400m.
Last February, the company’s board of directors agreed to submit an offer to acquire 100% of the shares of a company that is not listed on the Egyptian Exchange and that operates in the food industry.
It stated at the time that the implementation of the acquisition deal depended on fulfilling all the required legal procedures and approvals, while Hani Nabih Aziz Barzi, Chairperson of the Board of Directors, was authorized to appoint an independent financial advisor from those registered in the records of the Financial Regulatory Authority.
