Saudi Arabia-based dairy food company Almarai is looking to acquire confectioner Rashidi El-Mizan and dairy firm Dina Farms, as well as planning to invest $500m towards the expansion of its current projects in Egypt.
The investment forms a part of the company's strategy to expand in the Egyptian market as well as its share of exports, especially to African countries.
Several investment banks have proposed to consult Almarai in its acquisition process. However, the dairy producer is currently considering to choose either HC or CI Capital companies, Al-Borsa newspaper reported citing sources.
Rashidi El Mizan produces and sells confectionery products. Its products include halawa, tahina, jams, tomato paste, and molasses.
While, Dina Farms, owned by private equity firm Qalaa Holdings, produces fresh packaged milk.
In 2014, Almarai had developed a five-year plan in Egypt, which was aimed at increasing the company's market share in terms of yogurts, juices and dairy to 35% from the current 20%.
Besides Almarai, food oil firm Saffola and Jannat Agriculture Investment have also announced plans to expand their operations in Egypt.
