Sources revealed to Daily News Egypt that Edita Food Industries will complete its acquisition of a food company, specialized in making frozen baked goods, next week.
The sources added that Edita is in the process of signing the final agreement to acquire 100% of the company’s shares at a value of EGP 380m, refusing to disclose the company’s name until the final signing in the middle of next week.
The sources added that the deal comes within the framework of Edita’s expansion strategy by acquiring companies that support its business model, in addition to its expansion plan by adding new lines.
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 Berzi, 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.
Edita Food Industries achieved a consolidated net profit of EGP 1.02bn during the fiscal year ending last December, compared to EGP 528.9m in 2021, a growth of 92.9%.
Sales jumped by 46.1% to reach EGP 7.6bn during the period from January to December 2022, compared to EGP 5.25bn in the comparative period.
Gross profit rose during the same period to EGP 2.6bn compared to EGP 1.69bn in the same period in 2021.
