Egypt’s Capital Market Authority (CMA) has approved an offer submitted from Edita for Food Industries to acquire 1,363 million shares in the International Foods Company (IFC), a 100 percent ownership offer, with a minimum of 90 percent. The offer price is 22 Egyptian pounds ($3.8) per share.
Last week, Egypt’s Rational International Enterprises placed bid to acquire 100 percent, with a minimum of 75 percent of IFC, the exclusive Hostess products distributor in the country. The company offered to purchase shares for 21 Egyptian pounds ($3.6) per unit, reported CASE.
Hostess is an American producer of well-known brand named goods, such DingDongs, Twinkies and Cup Cakes. IFC has a network of 1,680 wholesale clients and 4,300 retail clients throughout Egypt. Further penetration of the Delta, the canal area, and Upper Egypt is planned. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
